Downward USD/MYR phase
USD?MYR analysis chart (click to enlarge)
Strategy: The Ringgit traded in a slightly firmer range against the USD and ended at 3.0505 last week, despite data indicating a slowdown in Chinese and European manufacturing damped demand for riskier assets . The recent key swings of the USD/MYR are 3.3675 (high), 2.9600 (low), 3.0695 (high), 2.9335 (low), 3.2380 (high), 2.9873 (low) and 3.2105 (high).
The USD/MYR may trade towards its support levels, with a firmer bias for the MYR. The consolidation phase for the Ringgit is over as its chart signals are weaker against the US Dollar for now. A firmer MYR phase may persist for this week.
by Maybank IB