LastBattle
Short

Brent signals a top in Singapore Dollar / Malaysian Ringgit?

FX_IDC:SGDMYR   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)


aziz92
a year ago
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
LastBattle aziz92
a year ago
haha sure :)
Reply
LastBattle
a year ago
Entry hit.
Reply
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