Was in a conversation and the SGDMYR exchange rate came up. Since 2016, Ihad thought that the SGDMYR would hit 3.50 as a target, a very painful target for many. Well, I was not right as it only breached 3.20 then and nicely consolidated.
The 3.50 target is still in play, and now present to you technically how it is projected to be...
Over the years since 2016, a multiyear triangle had been forming and 2021 seems to have broken out, retested and in 2022 April, launched upwards with the strong SGD.
The strong SGD, and even stronger USD is going to propel the exchange rate to the 3.50 target ( Current projections point to 3.45)... target projected to hit by end of 2022.
Technically, the Bollinger Bands are now expanding and the rate is pushing or leading the upper band. It has also been bouncing off the Monthly 55EMA. So, trend is going up for the next year or so.
Heads up, it is more pain to come really. And we all thought 2020-2021 were bad...
Take care folks.
The 3.50 target is still in play, and now present to you technically how it is projected to be...
Over the years since 2016, a multiyear triangle had been forming and 2021 seems to have broken out, retested and in 2022 April, launched upwards with the strong SGD.
The strong SGD, and even stronger USD is going to propel the exchange rate to the 3.50 target ( Current projections point to 3.45)... target projected to hit by end of 2022.
Technically, the Bollinger Bands are now expanding and the rate is pushing or leading the upper band. It has also been bouncing off the Monthly 55EMA. So, trend is going up for the next year or so.
Heads up, it is more pain to come really. And we all thought 2020-2021 were bad...
Take care folks.