Last week, crude oil price suffered the largest one-day drop since the gulf war in 1991, prompting ringgit to weaken against the greenback as the sudden crash resonated throughout financial markets. In addition, ringgit continued its downtrend as foreign investors have been pulling out money from Malaysia when WHO declared COVID-19 a pandemic.
COVID-19 fallout co-joined with uncertainty in the global oil market could send ringgit into a free-fall this week due to the heightened risk of economic downturn. Though ringgit is biased on the downside volatility to rein on USDMYR
Technical Analysis
EMA however, suggests the MYR to rebound by 0.70% against USD from its closing price of 4.278 last week.
The technical outlook for this week shifts towards a bullish trend for the local note, with an immediate support seen at (S1) 4.237 and (S2) 4.197. A downward bias could emerge, should the pair break below the (R1) 4.298 resistance level.
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