USD/SGD, USD/IDR, Singapore Greenback, Indonesian Rupiah – Speaking Factors
US Greenback may reverse dominant uptrend versus SGDHowever USD/SGD fading momentum warns of a flip greaterIndonesian Rupiah nonetheless awaiting key breakouts vs USD
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Singapore Greenback Technical Outlook
Towards the US Greenback, the Singapore Greenback is sitting at a key rising assist channel from the start of 2018 – crimson strains under. As USD/SGD pressures this psychological space, the dominant uptrend that has prevailed for the previous roughly two years is in danger. A every day shut below may pave the best way for a reversal of this lasting dynamic, particularly if the US and China proceed inching nearer in direction of a commerce deal.
USD/SGD Weekly Chart
Zooming in to the every day chart, USD/SGD is experiencing optimistic RSI divergence because it makes an attempt a breakout decrease. This can be a sign of fading momentum to the draw back. At instances, this may precede a flip greater or translate into consolidation. The latter has been the prevailing end result as of late. A continuation of the near-term downtrend would entail taking out the June lows (1.3513 – 1.3521).
In any other case, overturning the downtrend would place the concentrate on a possible falling resistance line from late August – blue line under. Getting there additionally entails taking out the psychological barrier between 1.3609 and 1.3624. A every day shut above this space may open the door to revisiting highs from October which vary from 1.3836 to 1.3879.
USD/SGD Day by day Chart
USD/SGD Charts Created in TradingView
Indonesian RupiahTechnical Outlook
In the meantime the Indonesian Rupiah continues to consolidate between key psychological obstacles. On the USD/IDR weekly chart under, favoring the downtrend is falling resistance from Might – crimson line. Resuming declines entails taking out horizontal assist which is a spread between 1.3848 to 13923. Which will open the door to testing 13705 which is the March 2018 low.
USD/IDR Day by day Chart
USD/IDR Chart Created in TradingView
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— Written by Daniel Dubrovsky, Foreign money Analyst for DailyFX.com
To contact Daniel, use the feedback part under or @ddubrovskyFX on Twitter