Malaysian Ringgit may lose further ground against USD
Strategy: The Malaysian Ringgit traded in a weaker range against the US Dollar and ended higher at 3.1755 last week. The local unit weakened further against the US Dollar in narrow range trading last week. The recent swings of the USD/MYR are 3.3675 (high), 2.9335 (low), 3.2380 (high), 2.9510 (low), 3.3377 (high) and 3.1423 (low). The USD/MYR may be range bound for now. The Malaysian Ringgit remains weaker against the US dollar due to last week’s action. It was at its lowest against the Greenback at 3.3377 and saw a high of 3.1332 recently. The local unit might remain volatile against the US Dollar this week, with a sideways-to-weaker bias.
Support: MYR3.1200 -3.1755 Resistance: MYR3.1850 -3.2750
RSI: 49.66-level. The RSI inched up.
Stochastic: 16.20-level. Stochastic buy signal issued.
MACD: +0.009-level. MACD sell signal.
MA: Between the 18 and 40
WMA. Neutral daily and weekly USD trends.
by Maybank IB