Sep 3, 2013

Malaysian Ringgit Weekly Technical Analysis

Malaysian Ringgit – Medium-term USD upside to 3.47 and 3.54

ringgit malaysia above (click to enlarge): USD/MYR Weekly Chart 

Strategy:  The Ringgit traded in a  narrower  range against the USD and ended  slightly  firm er at 3.2915  last  week.  Some selling  emerged as USA delayed the Syrian strikes and  this defused  war tensions. 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),  3.2105  (high),  3.0032  (low), 3.1410 (high) and 2.9510 (low). The USD/MYR will trade towards its resistance levels in the medium to longer term. The MYR remains very weak against the USD.  A  move and sustained break beyond the 3.2400 resistance will target 3.4500, 3.4700 and 3.5400 in the medium term. Temporarily, the local unit may gain ground against the USD on profit-taking.

rinngit technical reading

by Maybank IB