Ringgit is strengthening, probably due to rising oil price and institutional position. I think ringgit will back stablize at 3. Oversold Break down or test 4. Ringgit will weaken against USDollar. Thank to Najib ; Advantage to forex Trader like us. Don't be hancik to trade againts jerong. Look likes it is going to make a pull back. It can go down to 4. For any short position, you may have to TP around 4. From the daily chart, it looks like USD is slightly losing its grip against Ringgit, having some hard time breaking out 4.
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 This is my country currency.
I belive wave 3 just completed, now as price break out from the small upward trendline, i will consider this a formation of wave 4 to complete within the channel itself. The rally is strong and broke above up trend line. Treasury, regional currencies were walloped. Malaysian ringgit dove 2. It just broke 4. 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. The rally is strong as it stay above Daily EMA20 since 2 months ago. Total spending increase from last budget, significant an A quick update on MYR. USD start to rally despite no rate hiking in Sept.
Next target of resistance will be around 4. Trend line support turned resistance, oversold zone. Some projection on the movement. Ringgit had traded between 4. Show More Ideas 1 2. From the creators of MultiCharts. Select market data provided by ICE Data services.More...