If we zoom out, USDMYR it is in the range of the rising wedge, which is a bearish formation. This means that at some point, when it hits the highest level in the range-in this case, 4.77, which is the highest since 1997-it will react to that level and potentially reverse downwards, further strengthening the value of our Ringgit against the USD. Hopefully, it will breakout from this wedge and continue plunging downwards.
Is that just wishful thinking, or is that reality on the charts?
God bless the Malaysian economy. For a better future, we can do it!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.