USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

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

  • USD/PHP prices ignore reversal warning signs, but more have appeared since
  • Singapore Dollar faces barrier which if broken, may result in a long-term fall
  • USD/IDR remains on consolidation mode as a trend line supports USD/MYR

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USD/PHP Technical Analysis – Shooting Star Bearish Reversal Candlestick Formation

Last week, we noted a couple of bearish reversal warnings in USD/PHP that hinted its next leg could be lower. Despite these, the Philippine Peso depreciated against the US Dollar as those signs were ignored. However, similar ones have formed again. This includes a shooting star bearish reversal pattern which is a sign of indecision. We would need confirmation of a turn lower in USD/PHP preferably via closing under the rising trend line from late August. Near-term resistance on the other hand is the 78.6% Fibonacci extension at 54.49.

USD/PHP Daily Chart

Article source: https://www.dailyfx.com/forex/technical/article/special_report/2018/09/27/USDSGD-USDPHP-Still-Face-Risk-Prices-May-Fall-on-Daily-Charts.html