- US dollar turns higher against the Singapore dollar, supported by double bottom in USD/SGD.
- Malaysian Ringgit holds the upper-hand against the greenback.
- Indonesian Rupiah neutral against the dollar.
- Dollar pauses its slide against Philippine Peso.
USD/SGD Price Analysis
Singapore dollar’s show of strength in recent days came to a halt as USD/SGD is forming a Double-bottom bullish chart pattern. A bounce could be expected from 1.3558 – 1.3571 support region aided by the positive RSI divergence – indicating a weakening of downside momentum. If the pair manages to climb above the neckline around 1.3690 – 1.3718, then a further move towards 1.3805 – 1.3820 is in the cards.
USD/MYR Price Analysis
The US dollar hasn’t broken-off the bear hug in the USD/MYR. But, the bulls have hope as the pair is forming a bullish Falling Wedge in the charts. If the ceiling of the wedge fails to resist an up-move, then bulls can be in command on a confirmation close. Then the focus will be on 4.1740 – the September 9th high. A fall below 78.6 Percent Fibonacci extension at 4.1226 could help the bears to push the pair to 4.05 – the 2020 low.
USD/IDR Price Analysis
The US dollar is in neutral mode against the Indonesian Rupiah. The pair’s recent rejection of 14915 – 14975 resistance range and the rising trendline from June suggests no upper hand for bears or bulls. Indonesian central bank seems to be intervening in the market. The RSI is negative, but the 50-day simple moving average supports the bulls and could help them test the resistance mentioned above. A downtick will see support coming in at 14525 – 14563.
USD/PHP Price Analysis
The US dollar might show strength against the Philippine Peso as the pair was able to resist bear pressure recently near the lows from November 2016. The 48.28-48.36 region could support the pair along with the positive RSI readings. A push up will bring to focus the October 2016 high at 48.66 and the 50-day simple moving average. A slide means bears could target October 2016 low at 47.92.