We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
The Singapore Dollar may be readying to extend gains against the US Dollar following a break under long-term rising support from 2014. Moreover, USD/SGD has seemingly confirmed a drop through January 2020 lows, exposing an inflection zone from 2018 between 1.3311 and 1.3339. A push under this area could open the door to testing lows from the same year. Positive RSI divergence shows that downside momentum is fading. In the event of a turn higher, keep a close eye on the near-term 20-day Simple Moving Average (SMA).
USD/SGD Chart Created in TradingView
The Indonesian Rupiah is trading within an Ascending Triangle against the US Dollar. Depending on the direction of the breakout, USD/IDR may find itself either aiming for June lows or the 50-day SMA above. Regardless of the outcome, finding confirmation of a breakout is key. A subsequent push under 13935 exposes the January 2020 low at 13560. Otherwise, climbing above the 50-day SMA exposes the 14525 – 14563 inflection zone.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/IDR Chart Created in TradingView
The Malaysian Ringgit continues its advance against the US Dollar as USD/MYR nears the current 2020 low at 4.05. Prices are hovering above the 61.8% Fibonacci extension at 4.0638. This follows a breakout under a bearish Rectangle chart pattern. In the event of a turn higher, the 20-day SMA could come into play as resistance. More broadly speaking, the dominant downtrend seems to be holding thanks to a descending zone of resistance from March’s top. It would probably take a push above it to open the door to a bigger reversal.
USD/MYR Chart Created in TradingView
The Philippine Peso also extended gains against the US Dollar, with USD/PHP now on the cusp of testing the October 2016 low. A close under 47.92 exposes the inflection zone from earlier in the same year between 47.34 and 47.53. In the event of a turn higher, the 50-day SMA could maintain the focus to the downside. Should prices push beyond that, the 48.68 – 48.82 resistance zone would likely be the next key technical barrier to watch for should the dominant downtrend be at risk.
USD/PHP Chart Created in TradingView
–— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
DISCLOSURES