Brent signals a top in Singapore Dollar / Malaysian Ringgit?

The exchange rate of SGD/MYR have always been rising within in a predictable channel since 2006.
Given that Malaysia is still the only net oil             exporter, the collapse in oil             price in late 2014 caused a 'disconnect' with exchange rate surging above the rising channel .

Focusing on SGDMYR             exclusively allows us to ignore the trend of a rising interest rate hike ahead by the FED, since Singapore Dollar is indirectly affected at the same rate too. MYRUSD             had almost 80% correlation to Brent oil             .

At this point in time I think it is rather overbought given the historical RSI and a higher high SGDMYR             made despite Brent oil             not making a lower low.
There's certainly still space for further rally, and I will not be shorting immediately but having a short entry at 2.8271 opened to be filled.

Entry: 2.8343
Stop-loss: 2.8857
Take-Profit: 2.5322 (with trailing stops)

Entry hit.
Can you please stop placing those obnoxious massive hammers on your chart? They are distracting and they cover up a lot of the chart. Thanks.
+1 Reply
haha sure :)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out