USD/MYR, USD/PHP, Malaysian Ringgit, Philippine Peso – Speaking Factors
US Greenback going through promoting strain versus MYR, PHPUSD/MYR might lengthen declines on bearish formationUSD/PHP making an attempt to fall below 2013 rising assist
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USD/MYR Technical Outlook
The Malaysian Ringgit might be on the verge of extending good points versus the US Greenback, however the USD/MYR uptrend nonetheless holds trying again to the center of March. On the each day chart beneath, the US Greenback has closed below a near-term rising assist line from July after unfavorable RSI divergence confirmed fading upside momentum. This may increasingly pave the best way for a retest of September lows at four.1630.
Extra worrying for the Buck is that the forex pair might but verify a brewing Head and Shoulders bearish reversal sample. The fitting shoulder has left behind a key vary of resistance between four.1950 and four.2000. Taking this psychological barrier out would invalidate the candlestick formation. In any other case, a each day shut below four.1630 might result in a retest of what might doubtlessly be a rising assist line from March.
USD/MYR Every day Chart
USD/MYR Chart Created in TradingView
The US Greenback can be going through promoting strain in opposition to the Philippine Peso, and it might decide up tempo within the near-term. On the each day chart, USD/PHP continues its descent because the Bearish Engulfing candlestick sample again in August. Since then, the pair has taken out a few key assist areas. The primary is a spread between 51.59 – 51.69 which contains lows from Might 2018.
USD/PHP Every day Chart
Extra attention-grabbing is that USD/PHP is as soon as once more making an attempt to push below a long-term rising pattern line going all the best way again to 2013 – see weekly chart beneath. This leaves costs going through the following degree of assist round 51.25 which if taken out, might pave the best way for a retest of the July low at 50.79. In any other case, closing above descending resistance from August would overturn the near-term downtrend – pink line on the chart above.
USD/PHP Weekly Chart
USD/PHP Charts Created in TradingView
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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