US Dollar Plunge Continues – What Next, USD/IDR, USD/PHP, USD/MYR, USD/SGD

US DOLLAR, USD/IDR, USD/PHP, USD/MYR, USD/SGD – ASEAN FUNDAMENTAL OUTLOOK

  • USD/PHP can reserve high, USD/IDR might also surge
  • USD/MYR at key support territory within the Triangle pattern
  • Singapore dollar might extend further gains against the USD

SINGAPOREAN DOLLAR FUNDAMENTAL ANALYSIS

Free $100 Forex No-Deposit Bonus

The Singapore dollar might extend the advance against the USD. This was after the USD/SGD closed below March low 1.3760. In essence, this exposed the 1.3699 Fibonacci (78.6% retracement) as the key support. The bounce off this price might place more focus on the declining resistance since March. The red line in the following chart has further highlighted this.

The trend line also may reinstate the main attention to the downtrend. The close below 1.3699 might create a way for testing 1.3558. This is a great inflection level since early November last year with other indices like Nasdaq 100, Dow Jones, FAANG Fundamental Outlook of the Fresh Earnings Drop.

USD/SGD Chart

us dollar

 

MALAYSIAN RINGGIT FUNDAMENTAL ANALYSIS

The Malaysian Ringgit seems to trade in the declining triangle pattern. Technically, this is like a continuation pattern, but it can sometimes show the top or an extension for one in such a situation. Closing below the triangle support at about 4.2350 can open doors to extend the downside trend in the USD/MYR from March? This places the main focus on the main support at the 4.2020 Fibonacci (61.8% retracement). However, the bounce off key support can lead to retesting of the triangle resistance, and this opens doors to the reversal of the uptrend.

USD/MYR Chart

PHILIPPINE PESO FUNDAMENTAL ANALYSIS

The Philippine peso might be at risk to the USD with the USD/PHP pair trading in the declining wedge chart. Essentially, this is a bullish reversal pattern that might be considered considering the daily close over its ceiling. The key resistance zone to look out for seems to be the inflection territory from 49.61 to 49.73. The key support remains under the 48.93 Fibonacci (61.8% extension). Declining above that significantly exposes the highs from early October 2016 trading at 48.66.

USD/PHP Chart

INDONESIAN RUPIAH FUNDAMENTAL ANALYSIS

The USD holds the ground against its Indonesia peers with the USD/IDR hovering around the 14563-inflection level. During the previous week, the “Golden Cross” bullish fundamental signal arises as the 20-Day SMA crossed over 50-day one. The bounce from this point can place the main focus on the immediate resistance trading at 14827. The close over this price action will open more room to extend the bottom since June. Else, more losses might find the USD/IDR pressurize support under 14342. Also, remember to checkout US Dollar Technical Outlook – USD/PHP, USD/MYR, USD/IDR, USD/USD.

USD/IDR Chart

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.