Saturday, November 7, 2020

US Dollar - Is this the beginning of its long wave 3 decline?

USD/MYR (4.1285)

From its March 2020's high of 4.4455, USD?MYR has dropped 7.13%. It is possible that USD is on its long journey to the South. If it is so the only question now is how low can it go and will the Malaysian Ringgit be able to strengthen to those good old 'tiger economy' day of Rm2.50 to US$1.0?

 

Looking at the monthly chart of USD?MYR, if it continues with is current trend, by end of 2021 it is likely to punch through the neckline of its 'Head and Shoulder' at around 3.80 and before end of 2022, it may be able to complete the wave 3 of its wave C of (2) at around 3.50 or below. By the end of mega wave (2), the Ringgit is likely to go below Rm3.00 to US$1.00.


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