Malaysia Ringgit Technical Analysis
Support: MYR3.0000 –3.0393
Resistance: MYR3.0566 -3.0980
RSI: 42.12-level. The RSI inched up.
Stochastic: 15.67-level. Stochastic buy signal.
MACD: -0.016-level. MACD sell signal issued.
MA: Below the 18 and 40 WMA. MYR may remain firmer against USD.
Strategy: The Ringgit traded in a slightly weaker range against the USD and ended at 3.0566 last week in muted trading last week. 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 between its support and resistance levels, with a marginally firmer bias for the MYR. A firmer MYR phase may persist for this week. It could eventually head towards its psychological 3.0000 level soon. Its technical signals remain mixed currently.
The ringgit continued to trade lighter against the US dollar yesterday,prompted by the steadier movement on Bursa Malaysia, which stimulated investors to partake in riskier assets, dealers said. As at 5pm, the ringgit was quoted at 3.0370/0400 compared with 3.0595/0615. A dealer said backed by active buying support, the local currency recovered from its losses previously, inclined with other Asian currencies. The ringgit was traded marginally higher against the Singapore dollar at 2.4988/4904 from 2.4988/4025 on Friday and increased against the yen at 3.7863/7915 from 3.8430/88389 last week. The ringgit fell against the British pound to 4.8932/8990 from 4.8860/8990 Friday but was slightly better against the euro at 3.9493/9547 from 3.9569/9597.