Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Asian Stock Possibilities on Edge

Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Asian Stock Possibilities on Edge

Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Asian Stock Possibilities on Edge

Highlights

  • The ringgit rose 0.25% against the US dollar to 4.333 from the previous close of 4.344
  • Oil prices held steady on Monday, supported by expectations that Opec and Russia have agreed to extend a production cut beyond the first half of this year. However, another rise in US drilling activity weighed on markets.
  • Asian stocks got off to a shaky start on Monday as a ransomware attack that locked up more than 200,000 computers in over 150 countries and a missile test by North Korea on Sunday kept investors on edge.

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 1.41.

The projected lower bound is: 1.39.

The projected closing price is: 1.40.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 7.9909. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 44.48. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 105 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -53. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 13 period(s) ago.

Rex Takasugi – TD Profile

FOREX SGD= closed down -0.001 at 1.397. Volume was 48% below average (neutral) and Bollinger Bands were 15% narrower than normal.

Open     High     Low     Close    Volume
1.398     1.399    1.396   1.397     18,794

Technical Outlook
Short Term:               Oversold
Intermediate Term: Bullish
Long Term:                Bearish

Moving Averages:  10-period      50-period      200-period
Close:                        1.40               1.40                 1.40
Volatility:                 5                     5                       7
Volume:                   23,399           27,570            35,085

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX SGD= is currently 0.2% below its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of SGD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on SGD= and have had this outlook for the last 9 periods.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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