FX TECHNICAL REPORT SELECTED ASIAN FX RATES – FEATURED MARKET – USD/MYR
USD/MYR completed a multi-year base pattern in late 2014 when the top of the long- term bear channel and the 120 month (10 year) moving average were both cleanly broken. Gains accelerated to 4.4814 in September 2015, slight ly beyond the 76.4% Fibonacci retracement of the 1998-2011 4.87-2.9358 decline, ahead of the
latest choppy setback. We see the risk of a return towards former key
resistance around the 3.7378-3.7550 area over coming months , with a higher low sought above the Apri l 2015 one at 3.5333 to maintain the longer-term bul l ish out look for a possible eventual return towards the 1998 peak at 4.87.
Steve Jarvis
Chief Analyst Tradermade
MAJOR TRENDS AND TARGETS FOR SELECTED ASIAN FX RATES As at 18-Mar-16 NZD/USD USD/SGD USD/MYR USD/THB AUD/CAD AUD/NZD EUR/AUD EUR/NZD
Current level .6810
1.3540 4.0575 34.860 .9890
1.1185 1.4830 1.6590
Major trend Down Up Up Up
Flat Flat Up Up
Major targets .5831 / .5444
1.4732 / 1.5030 4.8700 / 5.4000 39.160 / 42.156
Trend change level .7742
1.3153 3.6607 33.010
1.7443 / 1.7896 1.9568 / 2.0371
0.9153 / 1.0349 1.0494 / 1.1428 1.4381 1.5413
86 FX TRADER MAGAZINE April - June 2016
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