Ringgit to move in range of 3.8846 – 3.8988 against USD today, says AmBank Research

-A +A

KUALA LUMPUR (Mar 27): AMBank Group Research expects the ringgit (MYR) to trade with a bullish bias moving towards its  support level of S1: 3.8846 and S2: 3.8794 as the daily relative strength index is trending towards the oversold region.

Meanwhile, it said the resistance is capped at R1: 3.8988 and R2: 3.9142.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR recovered 0.6% to 3.8953 against the USD.

Meanwhile, he said crude oil namely WTI and Brent retreated from profit taking after the recent rally but losses were limited to 0.5% to US$65.52/barrel and 0.6% to US$70.06/barrel respectively, supported by unrelenting tensions in the Middle East.

Dass said the KLCI inched 0.3% lower to 1,859.91, as foreign investors took a selling position with a net outflow of funds totalling RM40.3 million.

“The local bond space was mostly quiet with Malaysian Government Securities yields remaining unchanged across the curve; the 5-year at 3.545%, 7- at 3.830%, and 10- at 3.945%, respectively.

“The MYR firmed against regional peers – the Singapore dollar by 0.3% to 2.9721, rupiah by 0.3% to 3,526.86, baht by 0.3% to 7.9880, and peso by 0.4% to 13.4092. The 5 year CDS rose 1.24% to 74.42,” he said.