USDMYR is hitting the ceiling?
From the daily chart, it looks like USD is slightly losing its grip against Ringgit, having some hard time breaking out 4.5 zone. Also indicated from movement index that uptrend slight losing its power. But this doesn't necessary mean a good news to Ringgit too. Although Ringgit is starting to get take control since 5th January, we can still see obvious rejection to push the price even lower (Box 1).
Also EMA(130) hasn't been retested for quite some times. There may be a potential consolidation in the 4.4 - 4.5 area once the price fall below current EMA(130) and it hits the 4.4 support line, as the current uptrend (Box 2) has similar candlestick pattern structure from 25th May - 7th October 2015 (Box 3).
I still believe the price may hit 4.4, but probably may need huge effort from Ringgit side to make it happen.
Also EMA(130) hasn't been retested for quite some times. There may be a potential consolidation in the 4.4 - 4.5 area once the price fall below current EMA(130) and it hits the 4.4 support line, as the current uptrend (Box 2) has similar candlestick pattern structure from 25th May - 7th October 2015 (Box 3).
I still believe the price may hit 4.4, but probably may need huge effort from Ringgit side to make it happen.
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