US Dollar Technical Outlook: USD/INR, USD/SGD, USD/MYR, USD/IDR
USD/INR, USD/SGD, USD/MYR, USD/IDR – Talking Points
- USD/INR overturns bearish reversal warning
- USD/SGD extends declines, facing next test
- USD/MYR & USD/IDR testing key resistance
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USD/INR Technical Outlook
The bearish reversal pattern that has been brewing in USD/INR has been invalidated after the US Dollar closed at its highest against the Indian Rupee in almost a month. Prices have also broken above a near-term descending channel of resistance – blue lines below. This may pave the way for a push towards September highs (72.16 – 72.55) while supported by a rising trend line from July – red line on the chart below.
To stay updated on fundamental developments for ASEAN currencies such as INR and SGD, you may follow me on Twitter here @ddubrovskyFX
USD/INR Daily Chart
USD/INR Chart Created in TradingView
USD/SGD Technical Outlook
Versus the Singapore Dollar, the US Dollar has been weakening and is still at risk to losses after breaking under a Symmetrical Triangle candlestick pattern. Lately, USD/SGD has been rising as it seeks to close above near-term resistance at 1.3725. A confirmatory daily close higher may pave the way for a retest of descending channel resistance from September. Otherwise, the target of the triangle may be rising support from 2018.
Check out my overview of the Singapore Dollar to get acquainted with its unique characteristics in forex
USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
USD/MYR Technical Outlook
Meanwhile, the Malaysian Ringgit continues to consolidate against the US Dollar with USD/MYR hovering under key resistance (4.1950 – 4.2000). This is as a Head and Shoulders bearish reversal pattern still looms over the currency pair. Invalidating this candlestick formation ought to need a daily close above near-term resistance, opening the door to testing August highs as rising support from July guides USD higher.
Read this week’s ASEAN fundamental outlook to learn more about key event risk for these currencies
USD/MYR Daily Chart
Chart Created in TradingView
The US Dollar continues to pressure the Indonesian Rupiah as USD/IDR looks to reattempt to break above descending resistance from May – red line on the chart below. A confirmatory close higher may pave the way for a test of the September high at 14215. Clearing this price point may open the door to reversing the prevailing dominant downtrend for the past 5 months.
USD/IDR Daily Chart
USD/IDR Chart Created in TradingView
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— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter