USD/PHP Price May Join USD/SGD Descent, USD/IDR Chart Eyes Breakout

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

  • As expected, Singapore Dollar prices appreciated after couple reversal warning signs
  • Similar patterns have now appeared in USD/PHP prices, hinting its turn may be next
  • USD/IDR eyes potential trend-determining breakout, USD/MYR pauses prolonged rise

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USD/SGD Technical Analysis – Reversal Warnings Followed Through

Last week, we noted a couple of reversal warning signs in USD/SGD prices which hinted that its next leg might have been lower. This was indeed the case, the Singapore Dollar appreciated against its US counterpart after a break under the near-term rising trend line from August. From here, the pair needs to descend through the 14.6% minor Fibonacci retracement at 1.36821 which would then expose the rising support line from June. Meanwhile, near-term resistance is 1.37451 which has also acted as support in the past.

USD/SGD Daily Chart

USD/SGD Daily Chart

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/09/19/USDPHP-Price-May-Join-USDSGD-Descent-USDIDR-Chart-Eyes-Breakout.html