I learnt that Yahoo's stream is quite erratic at times. I found a better charting website at
http://www.investing.com/currencies/sgd-myr-advanced-chart. It's especially great for those who can read candlesticks.
SGDMYR(Daily)20131101235326 by
nextreal, on Flickr
So, looking at that chart... Indeed, SGDMYR was propped up to 2.62 this morning, but the pair lost steam almost immediately. Currently, we are hovering at the crucial 2.5500 to 2.5550 band.
Why is this crucial? If the market closes at 2.56 or higher, there's a good chance the climb will continue next week
. But if it closes at 2.55 or lower and we see a shooting star or tombstone doji, it is likely that the drop with be quite deep :(.
Anything in between means the market is undecided, and we'll wait for the next signal.