Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Technical Analysis Update

Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Technical Analysis Update

Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Technical Analysis Update

Open 4.3150
High 4.3210
Low 4.3100
Close 4.3210
Change 0.0010 (0.02%)

Overall, the bias in prices is: Downwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

By the way, prices are vulnerable to a correction towards 4.38.

The projected upper bound is: 4.34.

The projected lower bound is: 4.29.

The projected closing price is: 4.32.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 3 black candles for a net of 2 white candles. During the past 50 bars, there have been 20 white candles and 24 black candles for a net of 4 black candles.

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 19.4448. 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 26.83. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 6 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 -120.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 9 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 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX MYR= closed up 0.001 at 4.321. Volume was 61% above average (neutral) and Bollinger Bands were 66% wider than normal.

Open    High    Low    Close   Volume
4.315    4.321   4.310  4.321   50

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

Moving Averages:  10-period  50-period   200-period
Close:                        4.33            4.39            4.32
Volatility:                 4                  3                  5
Volume:                   44                37                62

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 MYR= is currently 0.1% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of MYR= (mildly bearish). Our trend forecasting oscillators are currently bearish on MYR= and have had this outlook for the last 42 periods. Our momentum oscillator is currently indicating that MYR= is currently in an oversold condition.

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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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