USD/PHP Fall to Pause? USD/MYR Eyes New High, USD/IDR Uptrend Held

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

  • Philippine Peso strength may pause in the days ahead as downside momentum is fading
  • Malaysian Ringgit kept depreciating despite reversal warning signs, at new 2018 highs
  • USD/IDR uptrend holds given stubborn support, may climb next. USD/SGD oscillating

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

USD/PHP Technical Analysis – Downtrend Accelerates

The US Dollar struggled appreciating against the Philippine Peso since we last looked at USD/PHP. The pair resumed its dominant downtrend from October, knocking out a horizontal range of support between 52.68 and 52.70. This has exposed the May low at 51.90 but getting there requires descending through Fibonacci extension levels on the chart below. The first one is the 50% midpoint at 52.38 followed by 52.15 before targeting 51.84. Positive RSI divergence warns that downside momentum is ebbing and it may precede a correction.

USD/PHP Daily Chart

USD/PHP Fall to Pause? USD/MYR Eyes New High, USD/IDR Uptrend Held

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/11/21/USDPHP-Fall-to-Pause-USDMYR-Eyes-New-High-USDIDR-Uptrend-Held.html