Start of rally? Next resistance will be 1750 Previous Analysis:
Trend line support turned resistance, oversold zone
Ringgit is strengthening, probably due to rising oil price and institutional position. If 4.18 support does not hold, likely fall to at least to 4.15
Key Support: 4.18 Previous High: 4.30 RSI: Oversold Break down or test 4.30 again?
Deciding moment for this pair now, Shall it hold at this level, it will rebound up back to above 3.1xx level Shall it break, it will fall back to below 2.9xx level
Look likes it is going to make a pull back. It can go down to 4.30 as immediate swing level. Let's see S0nic
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...
It just broke 4.46x main region with STRONG momentum. (Breaking wall with Bulldozer) Once it is broken strongly UP.. More UPside ahead for this pair.. IMO, Malaysia economy is free fall with bad policy and with the depressed oil price. Trade Safe, s0nic
USDMYR: Price to reach 200 EMA. expecting rebounce. Stop loss is at ATR
This level held pretty well in a triangle since I last posted about SGDRMY, it does look like we are about to see a much higher SGDRMY rates at a projected range of 3.25 - 3.29 .