Analysis

USDMYR Might Reverse Increased as USDINR Extends Downtrend From October

USDMYR, USDINR, USDPHP, USDSGD Speaking Factors

USDMYR might see a near-term reversal increased USDINR might prolong drop after clearing assist USDPHP eyeing 2013 development line as SGD ranges

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USDMYR Technical Outlook

The US Greenback could also be readying to show increased in opposition to the Malaysian Ringgit, resuming the dominant uptrend that took USDMYR from lows above four.zero50 in March to the height beneath four.2000 in Might. One other Falling Wedge bullish sample has been within the making on the day by day chart beneath. The final time we noticed the same sample was the one which that occurred earlier than the uptrend talked about beforehand.

Nevertheless, this one is far smaller and calculating the widest level of the candlestick sample ought to supply a goal that brings USDMYR to check what may very well be a falling development line from late Might (blue line beneath). Getting there entails taking out potential areas of resistance reminiscent of at four.1448 after which four.1550. Within the occasion of a flip decrease, keep watch over near-term assist at four.1250.

USDMYR Each day Chart

USDINR Technical Outlook

In the meantime, the Indian Rupee may very well be seeking to prolong positive aspects in opposition to the US Greenback. On a day by day chart, USDINR took out each a rising channel of assist from March and a horizontal psychological barrier between 69.04 and 69.13. That paves the way in which for near-term declines in USDINR because it seems to be to probably testing lows from earlier this yr that additionally align with ranges final achieved in July 2018.

That locations the subsequent vary of assist between 68.32 and 68.39 which can maintain. Within the occasion of an increase as a substitute, keep watch over the aforementioned ranges that the foreign money pair broke by means of. They might reinstate themselves as resistance. Simply above 69.13 lays a few falling resistance line from final yr (pink strains beneath) that will show to be a formidable barrier curbing upside progress.

USDINR Each day Chart

USDMYR May Reverse Higher as USDINR Extends Downtrend From October

USDPHP Technical Outlook

The Philippine Peso may very well be going through the same state of affairs because the Indian Rupee in opposition to USD. The distinction right here is that USDPHP, after clearing by means of key assist ranges identified final week, finds itself very near a rising development line that goes again to 2013 (highlighted in blue beneath). Such an essential psychological barrier will possible make it troublesome to maintain declines with out a struggle.

For sure, a break beneath it may very well be very consequential. With affirmation, this might mark a turning level for the USDPHP uptrend that has endured for six years. Slightly below it lays 50.79 which is the December 2017 excessive. In any other case, a reversal to the upside would finally have to come back to phrases with a horizontal barrier between 51.59 and 51.69. This space saved USDPHP losses from sustaining for many of this yr.

USDPHP Each day Chart

USDMYR May Reverse Higher as USDINR Extends Downtrend From October

USDSGD Technical Outlook

The USDSGD, in its downtrend from late Might, finds itself consolidating between assist at 1.3516 and resistance at 1.3575. A breakout to the draw back exposes the rising development line from January 2018 whereas one to the upside exposes what may very well be potential falling resistance from Might (blue line on the chart beneath). You could comply with me on Twitter right here @ddubrovskyFX for extra well timed updates on ASEAN currencies.

USDSGD Each day Chart

USDMYR May Reverse Higher as USDINR Extends Downtrend From October

**All Charts Created in TradingView

Learn this week’s ASEAN elementary outlook to study in regards to the underlying drivers for these currencies!

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— Written by Daniel Dubrovsky, Forex Analyst for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter

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