ASEAN Technical Outlook – USD/MYR, USD/SGD, USD/IDR, USD/PHP
- Will critical support reverse the USD/PHP downtrend?
- The US Dollar is weakening against ASEAN currencies
- USD/MYR, USD/SGD and USD/IDR downtrend eyed
Trade all the major global economic data live as it populates in the economic calendar and follow live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.
USD/PHP Technical Outlook
The US Dollar is losing ground against the Philippine Peso as Fed rate cut bets sour the appeal of the Greenback. Declines in USD/PHP since the middle of May has left the currency pair sitting at a key technical juncture. This is a range of support between 51.59 and 51.69 which goes back to lows achieved back in May 2018. This area was tested back in March and April, holding both times and preceding a turn higher.
If this holds true, USD/PHP could be on the verge of rising, eyeing near-term resistance around 52.12. If that area is broken, keep an eye on 52.37 and then the May peak at 52.73. Otherwise, resuming losses exposes the January/February 2018 psychological level around 51.16. For timely fundamental and technical updates on ASEAN currencies, you may follow me on twitter here @ddubrovskyFX.
USD/PHP Daily Chart
USD/MYR Technical Outlook
Meanwhile, USD/MYR could be looking at extending declines following a Shooting Star candlestick that was followed by downside confirmation. The Malaysian Ringgit is now eyeing what could be a potential rising support line going back to March. If broken, that will expose support at 4.1448. Otherwise, near-term resistance is at 4.1855 and then 4.2000.
USD/MYR Daily Chart
USD/SGD Technical Outlook
The Singapore Dollar fell under a rising support line from April, opening the door to further weakness in USD/SGD. Technical confirmation overturning the dominant uptrend from March may come from clearing support at 1.3658 next. That would expose the next psychological barrier between 1.3608 and 1.3616 followed by 1.3575.
USD/SGD Daily Chart
USD/IDR Technical Outlook
Like its other ASEAN counterparts, USD/IDR has extended declines after peaking in late May around 14520. After it cleared the near-term rising support line from April, it opened the door to Indonesian Rupiah appreciation. This has left USD/IDR sitting right at support at 14255, extending declines would open the door to testing 14155 ahead with near-term resistance at 14340.
USD/IDR Daily Chart
**All Charts Created in TradingView
Read this week’s ASEAN fundamental outlook to learn about the underlying drivers for these currencies!
FX Trading Resources
— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter