Malaysian Ringgit Falls as Country Declares State of Emergency
#Ringgit fell as much as 0.6% to 4.076 against the US dollar, the weakest since Dec 7 last year, amid the proclamation of emergency today and the impending lockdown that will come into force tomorrow. It recovered slightly to trade at 4.058 at the time of writing.
The initial reaction of the USD-MYR is an unsurprising reaction to the MCO and the state of emergency.
These developments are a domestic negative for the ringgit.
Malaysian Ringgit closed down -0.012 at 4.043. Volume was 22% below average (neutral) and Bollinger Bands were 11% wider than normal.
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
Malaysian Ringgit is currently 3.6% below its 200-period moving average and is in an upward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect volume flowing into and out of the Malaysian Ringgit at a relatively equal pace (neutral).
Our trend forecasting oscillators are currently bullish on the Malaysian Ringgit and have had this outlook for the last 0 periods.
Overall, the bias in prices is: Sideways.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles.
During the past 50 bars, there have been 21 white candles and 26 black candles for a net of 5 black candles.
An inverted hammer occurred. If this occurs during a downtrend it implies a reversal. Look for a confirmation of the reversal on the bar.
A long upper shadow occurred.
This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
A shooting star occurred (a shooting star has a small real body near the bottom of the candle and a long upper shadow).
During an uptrend the long upper shadow indicates that the bears are gaining control and a top may occur.
A spinning top occurred (a spinning top is a candle with a small real body).
Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close).
During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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