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USDMYR - Exchange RateIf you are earning Malaysia Ringgit(MYR) and your business requires you to use USD. It might be a good opportunity for you to change some of your MYR to USD. 4.139 is quite a good rate and I certainly won't take the risk if I have huge purchases that are due in the coming months. It is very obvious the US government has some plan in strengthening the USD. There are 2 major headlines you should be aware of. 1. US Secretary-General Janet Yellen said the debt limit is hurting the US. 2. Recent G20 Summit, President Joe Biden is going to push forth a minimum cooperate tax bill that will affect tech giants and corporate that set up manufacturing factories overseas. If you are patient you can wait for 4.0693 to stock up USD. But for it to happen, the market has to break and close below 4.139 on the Weekly Chart.
Short
by RaynLim
GBPJPY - Bearish BatIf you have engaged after this candle closed. It is a great call. And this is why you should have engaged in the trade. 1. It has reached the completion price of the Bullish Butterfly Pattern(cyan). 2. Bat Pattern consolidation at D, but fail to break and close above Point X of the Bat Pattern and that is a good sign. It attracts structure traders to hop in. 3. Long shadows appears, showing a strong rejection of the Bearish Bat Pattern. 4. RSI Divergence is a good sign of GBPJPY weakening.
Short
by RaynLim
AUDUSD - Bullish BatIf you have the thought that NZDUSD and AUDUSD move exactly the same, this chart will prove you wrong. On the Daily chart, the candle has broken and closed above Point B, that increase the probability of the Bearish Bat Pattern completion. It is a dream of many Harmonic Pattern trader to buy at Point C and Sell at Point D. However, one shouldn't do that if one has not tested the setup or have a viable trading strategy to manage such trade. On the 1-hourly chart(right), there is a Bullish Bat Pattern setup within the buy zone. Having this pattern form and setup will not violate the Bearish Bat Pattern on its higher timeframe. I'm waiting to long on this Bat Pattern at 0.7400.
Long
by RaynLim
USDJPY-Weekly Market Analysis-Oct21,Wk5If you have been trading for some time, you would have known that USDJPY seldom has a significant retracement when it is in a trending state. So, it is a worrying sign for trend traders to see this. But if you are a faithful Harmonic Pattern Trader, you will be overjoyed to see a Bullish Crab and Bullish Shark converge at the same level on the 1-hourly chart. If you have been trading Harmonic Patterns for some time, you should be aware that Crab Pattern and Shark Pattern do consolidate a bit before the actual move and at times they offer a lower entry price. If you aren't aware of that, look for a mentor to help you with this.
Long
by RaynLim
GBPUSD-Weekly Market Analysis-Oct21,Wk5On the daily chart, GBPUSD has a Bearish Channel, that's great news for trend traders and trend following traders. For Counter-Trend traders, the 1-hourly chart has a pretty good setup for a buying opportunity. If you have seen my video analysis, you would have known that I prefer to apply my sideway bounce trading strategy on GBPUSD over EURUSD and 1 of the many reasons is that it has a less trending nature than EURUSD. Buying Opportunity at 1.3742 and Selling Opportunity at 1.3832.
Long
by RaynLim
EURUSD-Weekly Market Analysis-Oct21,Wk5On the daily chart, EURUSD has broken and closed below the support. However, the 1-hourly chart, it presents a different view. There are 2 potential development over here 1) A sideway bounce setup that gives selling opportunity on the red line and buying opportunity on the blue line 43pips opportunity on the 1-hourly chart is not too bad. 2) If the candle breaks and closes above 1.1666, then a Bullish Flag Pattern would complete. However, it is a rather weak Flag Pattern caused by the retracement move on the 1st move. What intrigue me is the completion of the assumed Flag Pattern ends before the Key Resistance Level at 1.1683. Let's see how this trade pans out.
Long
by RaynLim