Did We See It Coming?Did the chart just signal the change in Malaysia government before it even happened?
Just for fun :)
Perhaps we can use the chart to forecast the next election result in Singapore too!
MYR
Time to rejoice for Malaysian across the border?Malaysia raises key rate for the first time since 2014. Coupled with a hawkish tone from Bank Negara Malaysia, we are likely to see the Malaysia Ringgit continue strengthening against the Singapore Dollar.
Price has broken the inner trend line structure at 3.0759 late 2017. This opens up more downside potential for SGD/MYR.
However, we are seeing a 5-wave structure completed at 2.9936, as the larger degree wave 3. This give us the expectation that we might see a retracement towards 3.0166 - 3.0441 before another move lower towards 2.9384.
For Singaporeans, this may be a good time to cross the border and stock up during the 1H of 2018. For investors, it would also be wise to look into the Malaysia stock market, riding not only the capital gains from the stock market but from the foreign exchange rate too!
For Malaysian, well.... it will still be relative expensive to shop in SG anyway! LOL
SGDMYRhmmmm..... for Singapore and Malaysia fellow, look carefully for the price action near the trendline
good luck!
USDMYR Continue to Rally AgainA quick update on MYR. USD start to rally despite no rate hiking in Sept. Technically MYR have moved out from consolidate zone, and start depreciate further against USD. I foresee a slight and quick pull back on USDMYR, and then continue to rally. Next target of resistance will be around 4.2. To breakout from uptrend channel, USDMYR need to fall below 4.05 to form a Lower Low.
