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Sunday, 22 June 2014

USDMYR: 22 June 2014, Sunday, 3.20pm Singapore Time

USDMYR: 22 June 2014, Sunday, 3.20pm Singapore Time

Technical Analysis of US Dollar vs Malaysia Ringgit (USDMYR) is as per illustrated in Daily Chart above.
The chart pre-signals that Malaysia and Malaysia economy may run into some trouble from here on.
This financial market turmoil to come would most possibly result from the high amount of debts piled up by Malaysia.

Note that since the USD is on the left side and MYR is on the right side of the forex pair USDMYR, upwards move in the chart above is an appreciation of USD and depreciation of Malaysia Ringgit relatively. The vice-versa is also true.

USDMYR has already just made the Black Secular Trendline illustrated in the chart above a powerful support and in addition, is currently backtesting the Red Classical Line as a Major Support. A successful support on Red Line is a double-confirmation of bear market transition for Malaysia Stocks and Equities markets.

 Malaysia Ringgit is receiving double-confirmation of long term bear market in this debts market movement.

Bouncing off black lines successfully as support and bouncing off red line successfully as support means bye-bye to Malaysia Financial Markets.

Side note:

USDMYR has the potential to move way beyond 4.000.
Target of this long term run: break up 4.50 for a move beyond 5.00.
(Extremely export-oriented stocks will benefit; industries that need import of raw materials or need to import goods and services as part of its business activities will get hit)

Donovan Norfolk Technical Rating:
Bearish
(USDMYR to move big wave up meaning MYRUSD , Malaysia Ringgit, to move big wave down)
MYRSGD (Ringgit with respect to Singapore Dollar) will also be bearish
(Sell on Rebounds)



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