Extended price weakness appears to be pushing Asian currencies below historical price channels. A breakdown from this support channel could mean a complete breakdown in currency values going forward. This may be the beginning of much lower price exploration in an attempt to fund support.
Hold onto your heads and profits folks. The crap may begin to fly soon.
USDMYR price as of writing is 4.174. Instrument shows cup and handle pattern. RSI levels and Stochastic indicators indicate an oversold market. If price breaks resistance level 4.2, price will move upward to price target of 4.34. 200-day EMA confirms an uptrend
USD Still Looking Bullish with no sign of weakness.
If price break 4.2 resistant it will likely head to 4.4 (expect some retracement)
This is just my idea on USDMYR
Trade at your own risk.
As Q2 2019 is underway, global financial markets have experienced a melt-up in assets prices, with some markets up over 20 percent year-to-date. However, despite the run in global asset prices, there is one country that has missed out on the rally, and that is Malaysia.
Malaysian equities ( EWM ) (INDEX:KLSE) have declined -3.77% in 2019, taking the mantle as...
From my analysis, It will retrace first before continuing the uptrend. From my point of view, i,ve seen a complete double bottom pattern already and waiting for retracement. If you have a different ideas, do leave it in the comment.
Based on technical analysis, USDMYR will continue to reach higher price. ichimoku cloud and divergence on Stochastic, it indicate that in 26 period onward, there is probability that the trend will continue going up.
Currency: USD / MYR
Observation date: 20 Feb 2019
a) Chart pattern:
- Price is forming a Head & Shoulder (HNS) pattern with support above the Neckline.
- We can see that the formation of the 2nd Shoulder which has already peaked.
- The distance between the Head and Neckline is around MYR0.6532 (or 6532 pips).