USD/IDR Risks Reversal While USD/MYR Price Eyes Uptrend Resumption

ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR

  • The USD/IDR weekly price chart shows numerous bearish reversal warning signs
  • Meanwhile USD/MYR climbs above resistance as it attempts uptrend resumption
  • USD/PHP faces the next critical barrier in its decline as USD/SGD consolidates

We released our 4Q forecasts for currencies like the US Dollar in the DailyFX Trading Guides page

USD/IDR Technical Analysis – Reversal Next?

The Indonesian Rupiah remains in consolidation mode against the US Dollar, but zooming in on the weekly chart reveals that some indecision is present. A shooting star bearish reversal pattern has been followed by a spinning top formation. In addition, negative RSI divergence warns that upside momentum is fading. This may be a precursor for a turn lower in USD/IDR and near-term support is a rising trend line from August which is then followed by the 23.6% Fibonacci extension at 15,038.

USD/IDR Weekly Chart

USD/IDR Risks Reversal While USD/MYR Price Eyes Uptrend Resumption

USD/MYR Technical Analysis – Dominant

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/10/24/USDIDR-Risks-Reversal-While-USDMYR-Price-Eyes-Uptrend-Resumption.html