US Dollar, USD/SGD, USD/MYR, USD/IDR, USD/PHP – ASEAN Technical Analysis
Singapore Dollar Technical Outlook
The US Dollar seems to be hanging on to its general uptrend against some of its ASEAN counterparts. This is as USD/SGD appears to be attempting to break under rising support from January. Still, the Singapore Dollar has key support to overcome which may curb its progress. This is a range between 1.4070 – 1.14113. A drop through this area exposes 1.4009 on the way towards March lows. A bounce here places the focus on key resistance (1.4278 – 1.4329). The latter was established as a descending curve from March flattened out.
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USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
Malaysian Ringgit Technical Outlook
The US Dollar appears to be adhering to rising support from January against the Malaysian Ringgit – blue line on the daily chart below. While that may be offering a cautiously upward tilt, a Descending Triangle seems to be forming in USD/MYR. This is a continuation pattern whereby a break under support (4.2930 – 4.3030) could signify a bearish reversal to come. That would place the focus on 4.2425, or the October 2017 high. Overturning this formation entails pushing above descending resistance, exposing 4.3830 – 4.3970.
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USD/MYR Daily Chart
USD/MYR Chart Created in TradingView
Indonesian Rupiah Technical Outlook
The Indonesian Rupiah continues to outperform against the US Dollar as USD/IDR tests the 61.8% Fibonacci retracement at 14773. The pair’s descent resulted in taking out rising support from February – blue line. While that may speak to an underlying bearish trajectory, USD/IDR is also adhering to a Falling Wedge bullish reversal pattern. A push above the downward-sloping ceiling may open the door to a turning point. That could place the focus on resistance (15230 – 15265). Otherwise, the peaks from 2019 inch closer (14484 – 14525).
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USD/IDR Daily Chart
USD/IDR Chart Created in TradingView
Philippine Peso Technical Outlook
The US Dollar held its ground against the Philippine Peso after another failed attempt in USD/PHP to clear key support (50.38 – 50.52). This has extended the pair’s consolidation since November. It seems that a new support range has formed under this area between 50.12 – 50.19. This area closely aligns with lows from August and November 2017. If immediate support holds here, a bounce would place the focus on 50.88 followed by 51.03. Consolidation resistance seems to be a range between 51.13 – 51.30.
USD/PHP Daily Chart
USD/PHP Chart Created in TradingView
— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
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