MYR appreciated on signs of progress on the US stimulus package. The strength was however tapered by dismal exports data, the US’s ban on imports of palm oil from FGV Holdings Berhad and profit-taking activities towards the end of the week.
MYR is expected to trade on a defensive mode, as risk aversion dominates following amplified US election uncertainty amid Trump’s positive COVID-19 test, pressured oil price against surging COVID-19 cases globally and domestically, as well as continued political instability.
Technical Analysis
Based on our 5-day EMA, MYR may resume its bullish trend and strengthen by 0.11% to 4.159 this week.
Technical-wise, MYR is expected to continue its uptrend this week, with the USDMYR immediate support awaits at (S1) 4.151, followed by (S2) 4.139. Otherwise, a sustained break above the (R1) 4.175 level should confirm MYR trend reversal and turn outlook bullish for the USD.
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