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.
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.
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.
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.
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.
Philippines Peso near decade weakest
USDPHP decade high is 50.050.
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.
USDJPY firmly supported
What a change of fortune!
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.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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