Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Dollar at New Low

Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Dollar at New Low
Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD) Dollar at New Low

The Singapore dollar traded on Wednesday (May 3) at S$1 to 3.0933 Malaysian ringgit — the lowest the exchange rate has been since the start of the year.

Overall, the bias in prices is: Sideways.

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: 4.36.

The projected lower bound is: 4.32.

The projected closing price is: 4.34.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 3 black candles for a net of 1 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 81.1595. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 5 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 34.45. 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 3 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 22. This is not a topping or bottoming area. The last signal was a buy 6 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX MYR= closed down -0.002 at 4.344. Volume was 13% above average (neutral) and Bollinger Bands were 106% wider than normal.

Open     High     Low      Close      Volume
4.340     4.348   4.340    4.344     34

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

Moving Averages:  10-period      50-period       200-period
Close:                        4.34               4.40                 4.32
Volatility:                 3                     3                       6
Volume:                   38                   36                     64

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 0.6% above 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 39 periods.

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S. Jack Heffernan Ph.D. 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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