USD : Comeback

(Thu, 24 Sept 2020).

SINGAPORE DOLLAR TECHNICAL OUTLOOK

The US Dollar may be readying to extend gains against the Singapore Dollar. USD/SGD broke above the neckline of a bullish Double Bottom chart pattern. Confirmation is however lacking, a further daily close above 1.3718 may place the focus on the 1.3805 – 1.3820 inflection zone. Pushing beyond that exposes June peaks. Downtrend resumption entails a decline through the 1.3558 – 1.3571 inflection range.

MALAYSIAN RINGGIT TECHNICAL OUTLOOK

The US Dollar could also be readying to climb versus the Malaysian Ringgit. USD/MYR is pressuring the ceiling of a bullish Falling Wedge chart pattern. A breakout higher, with confirmation, could see the pair set course to revisit the 4.2350 – 4.2450 inflection zone. Getting their entails taking out the 38.20% Fibonacci extension as well as the midpoint – see chart below. Otherwise, falling under 4.1100 exposes 4.0850.

PHILIPPINE PESO TECHNICAL OUTLOOK

The US Dollar may have found a bottom against the Philippine Peso. USD/PHP pushed cautiously higher after testing the 48.28 – 48.36 support zone. This follows positive RSI divergence, a sign of fading downside momentum. A close above 48.6600, or the October 2016 high, may open the door to a reversal. The pair has also pushed above the 50-day Simple Moving Average (SMA). Though further confirmation is lacking.

INDONESIAN RUPIAH TECHNICAL OUTLOOK

The US Dollar seems to be trading within a bearish Rising Wedge chart pattern against the Indonesian Rupiah. USD/IDR bounced off the floor of the formation, perhaps opening the door to testing the 14915 – 14975 resistance range. A breakout below the wedge could open the door to a resumption of the downtrend from March – late May. Otherwise, a push above 14975 exposes 2018 highs.

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