SGDMYR Forecast and Live Chart

The Singapore Dollar/Malaysian Ringgit currency pair (also referred to as SGDMYR and SGD/MYR) is an exotic currency pair. In this article, we will examine how SGDMYR is performing.

SGDMYR Key Stats

2021 high: 3.1348
2021 low: 3.0266
2022 high: 3.4019
2022 low: 3.0561
2022 % change: +6.24%

SGDMYR Forecast

Due to the economy’s stability and the safe haven status that the Singaporean dollar has, it performed positively throughout 2022. Despite the more recent pullback, we still see the current macroeconomic headwinds playing a role over the next few months, continuing to push the pair higher back toward its 2022 highs as investors once again shift money into safer assets. Therefore, we see the first resistance level of 3.3308 as one to watch. However, the bullish move may take a week or two to begin as market participants judge the risk environment at the start of 2023.

SGDMYR Chart

SGDMYR Fundamental Analysis

The SGD has been a preferred choice for investors seeking stability as it holds a growing financial centre and its house prices are resilient. The country’s high growth rate is due to the fact it has one of the most business-friendly regulatory environments for entrepreneurs. At the same time, it is also a major trading hub, with its manufacturing and services sector remaining one of its key growth drivers. As a result, against many other currencies, the Singapore dollar has performed well in times of increased economic and market risk.

The Malaysian ringgit is used by Malaysia, although it is also accepted in border areas around the Philippines, Indonesia, Vietnam, and Thailand. The currency is impacted by general macroeconomic and geopolitical events, specifically in Malaysia itself. In addition, it also has a slight correlation with some commodity prices, such as oil and natural gas. While the country is relatively open regarding trading its fixed-income and equity markets, it has banned offshore trading of the Malaysian ringgit and related derivatives.

SGDMYR Technical Analysis

The SGDMYR has rallied for the majority of 2022 but pulled back in November, falling just below its 100 MA before crossing back above. If the price does continue its downside move, the next level to watch is its 200 MA, which we expect to see a bounce from. A break below the 200 MA would see us reconsider our bullish thesis on the pair. However, as mentioned above, we expect another move higher. The 100 MA has so far acted as a solid support level. A break above 3.2960 would confirm that upside move, in our opinion, with a resistance level of 3.3307 to watch out for.

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