Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 14 Aug 2020, 10:24 AM


Ringgit Outlook- To trade lower on persisting second wave fears

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Fundamental Overview

▪ MYR appreciated against the greenback on further recovery in global oil price and as investors viewed the BNM’s 25 basis points rate cut last week favourably. The strength was partially slashed by worries over a record spike in daily COVID-19 cases in the US on Friday.

▪ Ringgit is poised to trade lower this week as risk appetite may be further damaged should the resurgence of COVID-19 cases in major economies results in a retightening of containment measures, hence weighing on the oil price

Technical Analysis

▪ Looking at the EMA technical indicator, MYR is expected to depreciate slightly by 0.09% to 4.271 this week, highlighting a potential bullish comeback for the USD.

▪ From a technical perspective, the safe-haven dollar is expected to see some upward momentum this week, with an immediate resistance observed at (R1) 4.276 level.On the other hand, a break below the (S1) 4.260 support level is needed to validate the bearish reversal pattern for the USD.

Source: Kenanga Research - 13 Jul 2020

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