US Greenback Technical Outlook: USD/PHP, USD/SGD, USD/MYR, USD/IDR
US Greenback, USD/PHP, USD/SGD, USD/MYR, USD/PHP – ASEAN Technical Evaluation
- USD/PHP making an attempt to climb by way of key trendline
- USD/SGD struggled round acquainted assist vary
- USD/MYR might rise, USD/IDR nonetheless eyeing wedge
Philippine Peso Technical Outlook
After a lot consolidation round its lowest worth since late 2016, the US Dollar is making an attempt to push larger towards the Philippine Peso. USD/PHP took out a falling trendline going again to March – pink line on the each day chart beneath. This follows fading draw back momentum, as indicated by constructive RSI divergence. Nonetheless, the pair was unable to then breach the October 2016 excessive at 48.66 which is performing as an inflection level.
The 50-day Simple Moving Average (SMA) can be proving troublesome to push above, performing as key resistance. As such, affirmation of an upside breakout appears missing. Additional features locations the concentrate on 49.02 earlier than testing the 2017 ground. Downtrend resumption might even see USD/PHP retest October 2016 lows…