Malaysian Ringgit – Ringgit to strengthen to 3.0000 and 2.9835

 

above: USD/MYR weekly chart (Click to enlarge)

Strategy:  The Ringgit traded in a slightly firmer range against the USD and ended at 3.0130 last week. The Ringgit firmed against the USD as  international funds still sought higher returns against the  Greenback. 

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 will trade towards its support levels, with further downward bias towards 3.0000, 2.9835 and 2.9335. There could be further Ringgit strength as the local unit has broken a Symmetrical Triangle with downside target of 2.7420 in the longer -run.

by MIB