Will SGDMYR (SingDollar/Ringgit) continue it’s flight up?
We’ve seen Ringgit dropping further. We’ve seen long queue at the money changer. Well, this is good for Singaporean shopping in Malaysia. Question is always, will Ringgit continue to weaken?
Recap what I’ve said in a seminar this June, responding to question by the audience:
Do I see Ringgit dropping further for remaining half year?””
The answer was a clear yes. The question is when and how much?
It is always difficult to give a time duration, but price wise, I believe that most of the time I’ve gotten it correct.
In a newspaper article dated 6 July 2015, in my interview with Shin Min Daily, I’ve said that (the analyst was me!) SGD/MYR (Singapore dollar to Malaysia Ringgit) should see 2.92 in near term.
— TerraSeeds FX Tflow® (@terraseeds) August 18, 2015
Indeed, after consolidating for a while towards 2.80-2.82 region, Ringgit weaken further to reach 2.92 high versus Singapore dollar.
The question is always will Ringgit continue to weaken?
If SGDMYR breaks above $2.93, then above $3.00 highly expected
Momentum wise, SGDMYR is on a 80 degree upwards rise, I do not see momentum slowing down. If price can make a healthy consolidation above $2.90-2.93 region, then we might be seeing a breach of current resistance $2.93 for price to move towards $3.02-3.03. And I see that probably happening by end of year, unless Monetary Authority of Singapore decided to shift the SGD band much lower to beyond expectation.