short to medium term, i anticipate that USDMYR will retest 4.20 resistance which will likely see consolidation for further upswing move.
MYR weakening could probably stimulate and stroke Crude Palm Oil demand may see increase in exports.
Base on Technical Analysis (TA)
1) Monthly chart shows possible ascending triangle with immediate target price of 4.20 and recent high of 4.49 on 30 December 2016.
2) price channel rectangular chart pattern between green color classical resistance trendlines.
3) possible double bottom "W" using the lower green classical support trendlines as the bencahmark where we see price touches on both occasion.
A break of above 4.49 may see retest of all time high of 4.71 registered in year 1998 as publish by Trading Economics historical data suggest, may even see 5.00 target set as new all time high.
USDMYR with Technical Analysis
Source from Trading Economics
USDMYR Historical Monthly Chart
Disclaimer: All news, information and charts shared is purely by my research and personal views only. This is not a trading recommendation or advice but on the basis of sharing information and educating the investment community. Different traders and investors adopt different trading strategies and risk management approach hence if in doubt please approach or seek clarifications with your Financial Adviser, Broker and Banker.
