US Greenback, USD/SGD, USD/MYR, USD/IDR, USD/PHP – ASEAN Technical Evaluation

  • USD/SGD might flip greater after bullish Double Backside
  • USD/MYR eyeing a bullish Falling Wedge chart sample
  • USD/IDR consolidating, USD/PHP might bounce subsequent

Singapore Greenback Technical Outlook

After lately succumbing to weak point, the US Greenback might reverse greater towards the Singapore Greenback. USD/SGD appears to be forming a Double Backside bullish chart sample. Costs might bounce off the 1.3558 – 1.3571 assist zone given the presence of constructive RSI divergence. The latter is an indication of fading draw back momentum. A subsequent climb above the neckline (1.3690 – 1.3718) might open the door for an extra push in direction of the 1.3805 – 1.3820 inflection zone.

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USD/SGD Day by day Chart

US Dollar Technical Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Greenback stays in a downtrend towards the Malaysian Ringgit. Nevertheless, USD/MYR appears to be within the technique of forming a bullish Falling Wedge chart sample. A breakout above the ceiling of the wedge might open the door to a turnaround given a confirmatory upside shut thereafter. That may place the concentrate on the September 9th excessive at 4.1740. In any other case, a push underneath the 78.6% Fibonacci extension at 4.1226 might open the door to finally revisiting the present 2020 low at 4.05.

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USD/MYR Day by day Chart

US Dollar Technical Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP

USD/MYR Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Greenback appears to be in a impartial setting towards the Indonesian Rupiah. USD/IDR lately rejected the important thing 14915 – 14975 resistance vary in addition to the previous rising pattern line from June. Intervention from the Financial institution of Indonesia appears to be enjoying a task right here. This additionally follows damaging RSI divergence. But, the 50-day Easy Shifting Common (SMA) might reinstate the main target to the upside, maybe pushing costs to retest aforementioned resistance. In any other case, additional losses expose the important thing 14525 – 14563 assist vary beneath.

For updates on ASEAN currencies as they break key technical ranges, remember to comply with me on Twitter @ddubrovskyFX.

USD/IDR Day by day Chart

US Dollar Technical Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

The US Greenback might try and push greater towards the Philippine Peso subsequent. That’s as a result of USD/PHP paused latest losses as soon as once more round lows from November 2016. This makes for a key vary of assist between 48.28 and 48.36. Constructive RSI divergence additionally exhibits that draw back momentum is fading, which might precede a push greater. Such an final result locations the concentrate on the October 2016 excessive at 48.66 after which the 50-day SMA. In any other case, downtrend resumption exposes the October 2016 low at 47.92.

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USD/PHP Day by day Chart

US Dollar Technical Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP

USD/PHP Chart Created in TradingView

— Written by Daniel Dubrovsky, Foreign money Analyst for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter