Highlights

Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Wed, 2 Dec 2020, 8:52 AM

 

Ringgit Outlook - Heighten Political Uncertainty And Surging COVID Cases Could Pare Down Upside

Author:   |    Publish date:


Fundamental Overview

▪ MYR closed lower against the USD late last week attributable to an attempt by the government to declare a state of emergency along with surging COVID-19 infections. Nonetheless, the downside was capped by a weakening USD after US President and House Speaker boosted hopes for a larger stimulus, as well as optimism over Brexit talks.

▪ The local note may continue its downtrend this week weighed by rising COVID-19 cases and the lingering political uncertainty following the King’s decision on Sunday to not declare an emergency. However, the downside would be limited as major economic releases are expected to mark a positive recovery, which could reverse ringgit downtrend.

Technical Analysis

▪ MYR is seen to strengthen by 0.17% against the USD to 4.149 as signalled by the 5-day EMA for this week.

▪ Initial support stands at (S1) 4.147 and a breach below the (S2) 4.137 level is needed to reverse last week's MYR downtrend. On the flip side, should the MYR bearish trend continue due to the risk-off mode and the lingering political uncertainty, the USDMYR pair could trade around the (R1) 4.162-(R2) 4.167 level or even higher.

Source: Kenanga Research - 26 Oct 2020

Share this

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Perform Technical & Fundamental Analysis on Stocks
MQ Affiliate
Earn rewards by referring your friends
 
 

2107 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 SCOMNET 2.000.00 
 KOTRA 3.100.00 
 UCREST 0.150.00 
 PUC 0.140.00 
 WILLOW 0.440.00 
 EAH-WE 0.0150.00 
 IRIS 0.3550.00 
 TOPGLOV-C79 0.1850.00 
 BTECH 0.5450.00 
 3A 0.840.00 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
PARTNERS & BROKERS