MYR tumbled over 4.15 level last week on weakness in oil markets after OPEC once again trimmed its 2021 oil demand forecast. Besides that, the local note gains were capped by risk-off mood of FX traders due to an alarming rise in COVID19 infections in Malaysia and across the globe.
MYR is seen to ride on yuan's strength on the back of China’s positive economic data expectations this week. However, lack of risk appetite catalyst on the back of fading US stimulus hopes and lingering local political uncertainty are set to obstruct major upside for the ringgit.
Technical Analysis
EMA technical indicator suggests that the MYR could appreciate marginally against the USD by 0.03% to 4.149 this week.
The pair's immediate support awaits at (S1) 4.143, followed by (S2) 4.136. Conversely, a sustained climb above (R1) 4.156 and (R2) 4.161 is needed to mark an extension of a bearish MYR trend.
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