9 Asian currency pairs that are rising in favour of US Dollar strengthening. They are tradable thru Axitrader MT4 or on the Singapore Exchange (futures).
China Renminbi weakening
USDCNY has risen since the past 3 years but is now parked slightly above 6.81 at the Subprime Crisis level. This Subprime level traded (pegged) for more than a year for stability so it is possible that the CNY might pause here. With this exchange rate, no doubt it will be seen as a level favourable for Chinese growth.
USDCNY monthly chart 2006 – present
Indonesia Rupiah weakening
USDIDR printed new 52-week high every year since 2012. It has been behaving very technically so far which support at 2014-high and resistance revealed to be January high this year.
USDIDR weekly chart May 2014 – present
South Korean Won’s getting warmer
USDKRW has a very interested year – year setup and if it is going to move up, then the trend might have just started only.
USDKRW monthly chart 2005 – present
USDMYR new 52-week high
Malaysian Ringgit hit a new low when USDMYR made a 52-week high this week. Besides internal troubles, the MYR might weaken as long as CNY were to weaken. Consider that:
- China is Malaysia’s biggest trading partner.
- During the Asian Financial Crisis, former Prime Minister Mahathir imposed capital controls and pegged the USDMYR at 3.80. This peg was removed on 21 July 2005, the same day China unpegged the Renminbi to the USD.
- The fact the USDMYR is trading above Asian Financial Crisis is not a reflection of good health in the Malaysian currency.
USDMYR monthly chart 1997 – present
USDTWD bouncing off support trend
- The year to year trend appears to be up.
- The pair appears to have just completed a retracement/’reversion to the mean’.
- It the trend is intact, then this trend has room to move.
USDTWD monthly chart 2008 – present
Philippines Peso near decade weakest
USDPHP decade high is 50.050.
USDPHP monthly chart 2006 – present
Singapore Dollar swinging the other way
At one point the SingDollar looked like it was going to strengthen further against the USD but now the balance has swung the other way. This strengthening would be a continuation of year to year trend of new 52-week highs since 2014.
USDSGD quarterly chart 1991 – present
USDJPY firmly supported
What a change of fortune!
USDJPY quarterly chart 1993 – present
USDINR nearing all time high
- USD has been strengthening forever against the Indian Rupee. All time high exchange rate is 69.22 set in August 2013. USDINR is trading at 67.1 now and resisted by 2015-high for the moment at 67.17.
All currency pairs here are tradable with Axitrader (CFDs). Asian forex futures contracts are also available on the Singapore Exchange.
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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.
Soh's Twitter account @sohtionghum
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"I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."