USDMYR: Bullish reversal pattern points higher – OCBC
OCBC notes that the Malaysian Ringgit has weakened alongside regional peers despite Malaysia’s commodity‑exporter status. The bank observes an inverted head‑and‑shoulders pattern in USDMYR, typically signalling bullish reversal, and highlights nearby resistance at 4.0150, 4.0330 and 4.0560, with support at 3.9630 and 3.9370, suggesting scope for further Ringgit softness in a risk‑off environment.
Ringgit vulnerable despite commodity support
"Amongst the Asian FX (over 5-day change vs USD): INR, PHP and MYR led declines."
"The decline in MYR shows that no currency is immune from geopolitical shocks even as Malaysia’s position as a net commodity exporter can support the MYR."
"The MYR can still soften in broader risk-off environment given its exposure to global sentiment and portfolio flows."
"We had earlier shared that price pattern exhibited an inverted head and shoulders, which is typically associated with a bullish reversal setup."
"Resistance at 4.0150 (38.2% fibo retracement of Oct high to Feb low), 4.0330 (100 DMA) and 4.0560 (50% fibo)."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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