Many are excited when SGD/MYR goes above $3 again. A friend of mine recently informed me about it and I told him that it was at an interesting level as I see that it is at the upper channel of the downtrend channel. The downtrend channel could be a bull flag but based on fundamental analysis, considering SG wouldn't let SGD appreciate too much and oil price keeps going up, the probability is higher that this is going back down below 3 and back to the lower channel, 2.80. Thus I told him I need a couple more weeks for confirmation. Once the price drop back inside the channel, 2.80 is just a matter of time. The graveyard candle also reinforce the notion that price is going down.
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