Indeterminant of SGD MYR

I have a chat with my colleague today and he got to know that I do charting. So he asked me to help take a look at SGD MYR since he travels back to Malaysia every weekend.

I have actually looked at MYR before but it was difficult to determine its direction. I can only vaguely sense some kind of rectangles which is incomplete. So I am taking a more serious look tonight.

Fig 1 SGD MYR Daily Chart

The data base only have data up till 2009, I would first have to use daily chart instead of weekly which see a higher time frame.

From the chart I might see 2 rectangles, 1 from 2013-2014, the other is more recent started by end last year and to me is still incomplete. The earlier rectangle demonstrated an objective of MYR2.75 and the latest rectangle while incomplete might fetch a target of MYR2.81.

That however have to depend of the pattern formation. There are still 2 possibilities at the moment, if break the upper resistance, it will be MYR2.81, but breaking the lower support line however, will lead to either double or triple bottom, this would mean objective of MYR2.52.

The indicators are a little confusing at this moment, my bet is further up trend since the earlier objective is yet to be met.