USD/MYR May Drop Next as Dominant Trends in IDR and PHP Continue

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

  • Malaysian Ringgit showing multiple technical signs that it may appreciate against USD next
  • Meanwhile the Singapore Dollar is in consolidation mode, but upside momentum is declining
  • The immediate dominant trends in USD/IDR and USD/PHP remain intact, awaiting next move

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

USD/MYR Technical Analysis – Reversal Next?

As expected, the trend defining rising support line from September kept USD/MYR afloat as it failed to fall under it. Since then, the Malaysian Ringgit lost ground to the US Dollar as it pushed above the September 2017 lows. But, multiple bearish signs point that the trend line from September might come under fire again and perhaps very soon.

On the USD/MYR daily chart, we have a Gravestone Doji at its most recent high which is also accompanied with negative RSI divergence. The former would require bearish confirmation via another close lower but that may be the case given the latter. RSI divergence indicates

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/11/14/USDMYR-May-Drop-Next-as-Dominant-Trends-in-IDR-and-PHP-Continue.html