Malaysian Ringgit (MYR) Technical Analysis and Facts – George Soros

Malaysian Ringgit (MYR) Technical Analysis and Facts – George Soros

 

Technical Analysis

Malaysian Ringgit (MYR) ⇨ US Dollar ($) (MYRUSD)

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 4.32.

The projected lower bound is: 4.27.

The projected closing price is: 4.30.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 2 black candles for a net of 3 white candles. During the past 50 bars, there have been 22 white candles and 21 black candles for a net of 1 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 77.5501. This is not an overbought or oversold reading. The last signal was a sell 7 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 56.57. 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 16 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 80. This is not a topping or bottoming area. The last signal was a sell 2 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 25 period(s) ago.

Rex Takasugi – TD Profile

FOREX MYR= closed unchanged at 4.297. Volume was 36% below average (neutral) and Bollinger Bands were 24% narrower than normal.

Open  High   Low    Close   Volume
4.296  4.297  4.293  4.297  24

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

Moving Averages: 10-period   50-period   200-period
Close:                        4.29            4.30            4.36
Volatility:                 2                  3                  4
Volume:                   22                39                41

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 1.5% 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 12 periods.

“Investing in Thailand? Contact Us.”

Quick Read On The Asian Trades

“Some would say, there’s no point in treating a currency like a commodity, devaluing it artificially and causing a lot of poverty among poor countries, but being immoral has never stopped the ones who know what they want, money.”

Malaysian Prime Minister Mahathir Mohamad committed economic heresy by rejecting an International Monetary Fund (IMF) bailout and slapping capital controls on global investors.

The Quantum Fund is arguably the world’s most successful hedge funds, founded by founded by Soros and Jim Rogers in the 70s. According to sources who had knowledge of the Quantum Fund’s positioning at the time, Soros bet just under $1 billion of his total war chest of $12 billion against the baht. There’s plenty of speculation that because he placed such a large bet on baht, Soros helped engineer the Asian crisis via his political connections. Yet Soros wasn’t the biggest single speculator to hold a position against the currency. Julian Robertson’s Tiger Fund had three times the exposure of Soros with almost $3 billion bet against the baht. If anything, Julian Robertson would have been more motivated to engineer Thailand’s decline.

Soros has argued that hedge funds did not start the crisis it was, in fact, the reaction of Thailand’s central bank to the knowledge of hedge fund positioning that exacerbated the problems.

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Ivy Heffernan

Ivy Heffernan, student of Economics at Buckingham University. Junior Analyst at HeffX and experienced marketing director.

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