▪ MYR appreciated against the USD on the start of the recovery movement control order phase and dovish statement by the Fed. However, the strength was capped by a slide in Brent crude oil price as a rise in the US oil inventory revived glut worries.
▪ MYR is expected to face some pressure this week arising from fears of a COVID-19 resurgence in the US and China which could further weigh on oil prices and trigger a flight to safety.
▪ EMA reveals an upward projection for MYR this week, hinting at sustaining last week upside momentum and is predicted to appreciate slightly by 0.04% to 4.262 against USD from its closing price of 4.264 last Friday.
▪ The short-term technical outlook sets the stage for an upturn in MYR against the USD with strong support area at (S1) 4.247 and minor resistance area at (R1) 4.278. However, we believe a breach above (R2) 4.293 is needed to negate the current bullish MYR setup.
Source: Kenanga Research - 15 Jun 2020
Created by kiasutrader | Aug 26, 2024