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Ringgit Struggles For Clear Direction, Operating Near Cyclical Lows On Return From Holiday

MYR

Spot USD/MYR fluctuates around neutral levels and last deals at MYR4.7395, after refreshing its 24-year highs. Domestic financial markets re-open after a public holiday.

  • From a technical viewpoint, topside focus falls on the all-time high of MYR4.8850. Conversely, a retreat under Oct 6 low of MYR4.6270 would give bears hope for a deeper sell-off.
  • The rate's RSI is in overbought territory, re-testing cyclical highs previously printed in late Apr and late Sep/early Oct. Parabolic studies still flag potential for further gains.
  • Palm oil futures were closed Monday, but the aggregate Bloomberg Commodity Index strengthened at the margin.
  • The upcoming general election dominates Malaysian front pages. Opposition leader Anwar Ibrahim has been confirmed as the Pakatan Harapan's prime ministerial candidate, while UMNO leaders toyed the idea of appointing three Deputy Prime Ministers from Peninsular Malaysia, Sabah and Sarawak if they win the election.

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