Mar 25, 2013

Malaysian Ringgit – USD to gain against MYR

malaysia-ringgitabove: MYR against USD chart (click to enlarge)

Strategy: 
The Ringgit traded in a slightly firmer  range against the USD  and ended at 3.1125  last week  as data suggested China’s economy is improving, brightening the outlook for Asian exports.  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) and 3.0032 (low). The USD/MYR will trade between its support and resistance levels, with  a further upward bias for this week. A quiet period for the Ringgit has ended as further weakness emerges for the local unit in the medium to longer term . The USD has been quietly gaining strength against the Ringgit over the last few weeks and is poised to head upwards

by MIB