USD MYR showing raising wedge pattern.
Hopefully we can get a recovery of the Malaysian Ringgit in the second half of the year with a break below 4.65.
I cheked USDMYR as requested from a follower. Price is bullish and i don't think it will stop to rise. It' breaking above resistance and i expect the price to reach next key area at 4.9 before a small pullback
RHB Research has not ruled out that the Ringgit may hit RM5.00 against the US dollar in the medium-term.
The forecast from the research house comes as the initial short-term target of 4.60 was surpassed today, leading to a revised near-term target of 4.70, with a potential print at RM4.75.
hi every one
complete pullback to the trendline with 1% profit Potential
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A drop from Nov 2022 peak (red arrow) shows a 3-wave ABC corrective move.
this follows by an impulsive move (5 waves) starting Feb 2023.
we might see a temporary pullback, a break below the head, and should pattern to RM4.3 before moving higher.
USDMYR successfully retraced and rebounded at weekly 200 moving average.
USDMYR is very bullish uptrend when still above 200 ma weekly.
It will over the previous high 4.8 (might reach 5.2 or more higher), all is depended on the strength of USD index (DXY).
Disclaimer: Own study research, not trading advice.
We use Elliott Wave Theory to forecast future prices. as simple as the rules. i.e., if wave 4 exceeds wave 1, the counting is wrong, etc., it shall be recounted and changed. The main point is to get the forecast and project the main direction in which we may find opportunities for entries. It is impossible to predict perfect patterns or price points.
Prediction on MYRUSD price based on EW analysis. There will be correction on the price estimated until the previous wave 4, which causing the MYR to be strengthen against USD.
Prices resisted 2008 high 4.7750 providing a potential double top scenario if further slide in coming days. This week's close was on top of the triangle and at 0.618 retracement value may say otherwise.
Projected values appear at around 5.17-5.22 zone. Are we...
USDMYR - This chart can use to monitor our country economy too, hopefully the double top here can indicate that our MYR can continue to be strengthen under the unity government.
How to view the guidance via chart ( Refer back to pin message guidance if to trade )
Red Line = Support
Blue Line = Resistance
Light Blue = bullish/bearish pattern
Arrow = Double/Trip...
USD/MYR faces prospects for extra gains, although a convincing breakout of 4.7500 appears not favoured for the time being, notes Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
“We expected USD/MYR to strengthen last week but we were of the view that ‘4.7500 is unlikely to come into view’.” Our view was wrong as USD/MYR rose...
