USD/MYR (MYR=X) Little Change
Ringgit traders await global risk events next week including monetary policy reviews by major central banks and a US-North Korea meeting. Traders are also eyeing the announcement of the new BNM governor.
USD/MYR is little changed at 3.9733 vs range of 3.9692-3.9735
Support 3.9430, 3.9209, 3.8533; resistance 4.0060, 4.0155, 4.0528
NOTE: Federal Reserve, European Central Bank and Bank of Japan will hold their rate meetings next week
FX pair’s 3-mo trading band of 3.926-3.991 will probably remain intact with the dollar’s strength expected to dissipate, says Angus Salim Amran, head of financial markets at RHB Investment Bank in Kuala Lumpur
Ringgit is set to test 3.956 in near term
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 3.95.
The projected upper bound is: 3.99.
The projected lower bound is: 3.96.
The projected closing price is: 3.98.
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 5 white candles and 2 black candles for a net of 3 white candles. During the past 50 bars, there have been 34 white candles and 7 black candles for a net of 27 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 31.7823. This is not an overbought or oversold reading. The last signal was a buy 1 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 63.78. 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 sell 5 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 -67. This is not a topping or bottoming area. The last signal was a sell 5 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX MYR= closed up 0.003 at 3.975. Volume was 5% below average (neutral) and Bollinger Bands were 42% narrower than normal.
Open High Low Close Volume___
3.970 3.976 3.967 3.975 49
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3.98 3.93 4.03
Volatility: 2 2 5
Volume: 51 42 53
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 1.4% below its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. 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 33 periods.
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