The USD/RM trend remains the same as we had previously updated in April. The USD continued to be pressured by the 200-day MAV line and an obvious downtrend can be seen on the daily chart. Having failed to break below the RM3.17/USD level after many attempts since April, a strong support has been created at the RM3.17/USD level.
We maintain our bearish view towards the USD/RM currency market as the USD continues to be pressured by the 200-day MAV line.
From the current level, a very strong support lies at the RM3.17/USD level. Should this level be violated, it is very likely that the USD will depreciate at a quicker pace. Below RM3.17/USD, the RM3.14/USD level is the next support. To the upside, there is immediate resistance at the RM3.23/USD level, followed by the RM3.27/USD level.
We maintain our bearish view towards the USD/RM currency market as the USD continues to be pressured by the 200-day MAV line.
From the current level, a very strong support lies at the RM3.17/USD level. Should this level be violated, it is very likely that the USD will depreciate at a quicker pace. Below RM3.17/USD, the RM3.14/USD level is the next support. To the upside, there is immediate resistance at the RM3.23/USD level, followed by the RM3.27/USD level.
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