SGDMYR – If you are someone who goes to Malaysia regularly and holidays in Malaysia, you might like what I am showing you here, its the chart of the Singapore Dollar against the Malaysian Ringgit.
Now what is the chart (weekly chart) telling us?
There are a few things worth taking note of on this chart.
First, price have just broken out of the downward pointing channel which is a retracement and is something that happens all the time in the financial markets before the continuation of the trend and which in this case is up.
We have price resistance at around the 3.0822 price level and I am seeing price slowly creeping up to test that level again. We are now at 3.0402.
A break above 3.0822 might see us getting more Ringgit for every Singapore dollar.
We are also looking at the completion of an “Inverted Head and shoulders” pattern which is a classic pattern in technical analysis. It is hinting to us that more upside is possible.
So brace yourself, we might be getting more Ringgit in the coming months, just in time for the end of year holidays.
Pro Trader & Trading Coach
Pro Communitate. Ad Victoriam!
If you have found this article useful, you might want to gain access to our FREE 6 Modules FX Ninja Course. Gain understanding on how the Forex market works and what kind of skills you need to develop in order to become a successful Forex trader. Gain access to the course by clicking here ===> “Trade like a Forex Ninja Course“