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.

Technical Ratings
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