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!
SHORT : 2.9430
STOP LOSS : 2.9850
TAKE PROFIT: 2.8717
TECHNICAL ANALYSIS:
- EMA SHOWS DOWNWARDS SLOPE OF THIS CURRENCY PAIR
- RSI HAS 3RD TOUCH ON SHORT TERM UPTREND LINE WHICH SHOWS WEAKENING UPTREND. SHOULD THEY BE ANY BREAKOUT OF THIS LINE WILL CONFIRM A HEALTHY DOWNTREND FORMATION
- SHORT AT UPPER LEVEL OF LINEAR REGRESSION CHANNEL OF CURRENCY PAIR
- SHORT...
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...
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
IF Brexit happens, NZD is less affected as AUD is. Though there is an existing positive correlation between AUD & NZD, NZD will not fall as much as AUD. Carry trades prefer NZD Vehicle and with the robust economy with strong immigrant flow and a hot property sector will keep NZD up despite RBNZ's stance on a lower NZD.
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 .
