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Free AccessRinggit Still Respects Familiar Range As Upward Trend Strength Dwindles
Spot USD/MYR trades -30 pips at MYR4.4015 at typing, trapped within a well-defined range, as the past two weeks have seen it struggle to find strong momentum.
- The ADX remains above 25 (last 30.3), indicating that the underlying upward trend remains fairly strong. Still, the rate has clearly struggled to re-test cyclical highs printed this month and the ADX now sits way off its recent peak (52.9).
- The RSI returned from overbought territory on the spot rate's recent pullback from aforesaid cyclical highs, sending a bearish signal, but any deeper sell-off has failed to materialise as of yet.
- From a technical perspective, bears need further sales past Jun 17 low of MYR4.3945 before taking aim at MYR4.3643, which limited losses on May 31. Meanwhile, bulls look to an attack on Jun 14 high of MYR4.4255.
- Politics headline Malaysia's front pages today, following a press conference with controversial lawmaker Tajuddin, who was recently removed from UMNO Supreme Council. Tajuddin revealed an alleged plot against UMNO chief Zahid orchestrated in 2020 by his current key allies, which may deepen tensions within Malaysia's largest party, at a time when it debates the optimal timing for the next general election.
- S&P affirmed Malaysia's sovereign credit ratings but raised the outlook to stable (from negative), citing expectations that the nation's "steady growth momentum and strong external position will hold over the next two years."
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