The recovery of the Malaysian ringgit removes the need for Bank Negara Malaysia (BNM) to raise its Overnight Policy Rates (OPR).
The recovery of the MYR has removed the need for BNM to hike rates in a bid to stem capital outflows.
The halt of the ringgit slide against the US dollar in June marks the end of a bearish trend.
The ringgit went as low as RM4.32 to the greenback during a prolonged depreciation period that lasted around two years.
It has since improved and is currently valued at RM4.29 to the US dollar.
Overall, the bias in prices is: Sideways.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 4.31.
The projected lower bound is: 4.27.
The projected closing price is: 4.29.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 6 white candles and 2 black candles for a net of 4 white candles. During the past 50 bars, there have been 23 white candles and 19 black candles for a net of 4 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 35.3854. This is not an overbought or oversold reading. The last signal was a sell 12 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 49.61. 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 buy 21 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 -66. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 30 period(s) ago.
Rex Takasugi – TD Profile
FOREX MYR= closed up 0.000 at 4.291. Volume was 6% below average (neutral) and Bollinger Bands were 67% narrower than normal.
Open High Low Close Volume
4.287 4.295 4.287 4.291 36
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 4.29 4.29 4.37
Volatility: 1 3 4
Volume: 30 39 40
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.
FOREX MYR= is currently 1.8% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of MYR= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on MYR= and have had this outlook for the last 17 periods.
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