USD/PHP Reverses But Can Declines Last? USD/MYR, USD/PHP May Fall

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

  • USD/PHP reverses lower as expected, but chart support is holding for now
  • USD/MYR, USD/IDR are showing signs of turning lower as the next move
  • USD/SGD falls under trend line support but downside progress was lacking

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USD/PHP Technical Analysis – Downtrend Ensues

As expected, bearish reversal warnings ended up preceding a pullback in USD/PHP. A trio combination of evening stars, negative RSI divergence and a descent through near-term ascending support has resulted in the Philippine Peso gaining some ground against the US Dollar.

Now keeping USD/PHP prices from rising is a descending resistance line from earlier this month. Should the pair climb above that, resistance could hold at 54.43 next. Meanwhile, resumption of the downtrend would involve clearing 53.74 which would expose the June 2006 high.

USD/PHP Daily Chart

USD/PHP Reverses But Can Declines Last? USD/MYR, USD/PHP May Fall

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/10/18/USDPHP-Reverses-But-Can-Declines-Last-USDMYR-USDPHP-May-Fall.html