USD/IDR, USD/SGD May Reverse. USD/PHP Upside Breakout Fell Short

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ASEAN TECHNICAL OUTLOOK – USD/PHP, USD/SGD, USD/IDR, USD/MYR

• USD/IDR, USD/SGD upside breakouts may fall short
• USD/PHP testing support after false upside breakout
• USD/MYR uptrend on pause with prices consolidating
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USD/IDR TECHNICAL OUTLOOK

The Indonesian Rupiah continued to depreciate against the US Dollar after clearing what was near-term resistance at 14089, as anticipated. We have now seen the best consecutive rising streak (8 days) in over a year. However, a Shooting Star candle warns of indecision after USD/IDR broke above the falling trend line from December. As such, its upside breakout should be treated with caution. It may very well turn lower tower as its next move in the near-term. Still, clearing resistance above 14255 opens the door to testing 14340.

USD/IDR DAILY CHART

USD/SGD TECHNICAL OUTLOOK

A Shooting Star is also present in USD/SGD after its false breakout above former resistance at 1.3616. In this situation, there has been follow-through via further closes to the downside which helps to confirm the indecisive candlestick pattern. As such, this means that the Singapore Dollar may appreciate against the Greenback in the near-term.

This places near-term support at 1.3575 which acted as past resistance on the chart below. May’s Fed rate decision is clouding the fundamental outlook as there may be bullish implications for the US Dollar. I will be tweeting the aftermath of the Fed and the reaction in ASEAN currencies. Feel free to follow me on Twitter @ddubrovskyFXfor these updates.

USD/SGD DAILY CHART

USD/PHP TECHNICAL OUTLOOK

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