Malaysian ringgit rises gradually against U.S. dollar
- Pair is currently trading around 4.2835.
- It made intraday high at 4.2840 and low at 4.2780 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 4.2900 marks.
- A sustained close above 4.2900 will drag the parity up towards key resistances around 4.3030 and 4.3259 marks respectively.
- Alternatively, reversal from key resistance will take the parity down around 4.2725, 4.2640, 4.2218, 4.2005 and 4.1915 levels thereafter.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Malaysia will release CPI data at 0400 GMT.
Overall, the bias in prices is: Sideways.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 4.30.
The projected lower bound is: 4.26.
The projected closing price is: 4.28.
A white body occurred (because prices closed higher than they opened).
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 20 black candles for a net of 3 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 31.6320. This is not an overbought or oversold reading. The last signal was a sell 15 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 41.61. 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 24 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 -169.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 3 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 sell 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX MYR= closed down -0.000 at 4.284. Volume was 12% below average (neutral) and Bollinger Bands were 73% narrower than normal.
Open High Low Close Volume___
4.283 4.286 4.278 4.284 34
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: 37 39 39
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 2.0% 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 moderate flows of volume out of MYR= (mildly bearish). Our trend forecasting oscillators are currently bullish on MYR= and have had this outlook for the last 20 periods.
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