MYR continued its post-election rally last week on the back of better-than-expected Malaysia 3Q20 GDP data and increasing Brent crude oil price. The appreciation was partially capped by the rising US treasury yields as positive news on COVID-19 vaccine sparked selling pressure of the US government debt.
MYR is likely to trade quietly this week due to the lack of major catalysts to boost the local note. Externally, a strong pick up in China's industrial production and retail sales data could help to support Asian markets, prompting MYR to trade higher. However, downside risk remains amid the unceasing spread of the COVID-19 infections.
Technical Analysis
EMA technical indicator suggests that the MYR could weaken slightly against the greenback by 0.12% to 4.128 this week.
The pair's immediate resistance awaits at (R1) 4.134, followed by (R2) 4.145. Conversely, a sustained breach below (S1) 4.110 and (S2) 4.097 is needed to maintain a bullish MYR trend.
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