A tad more weakness…
The Malaysian Ringgit (MYR) could test the 3.8000 psychological levels in the days ahead but… we think that the
weakness may not last.
The 3.8000 level may be a touch and go, and we might see the MYR strengthen back into the
3.4500-3.7500 range in the months to come.
Our earlier price map remains intact and we expect more sideways price
movements for the next few months
. Based on the rules of alternation in the Elliott Wave Principle, a triangle is the likely pattern to take place next.
The next best alternative is a zigzag, which could be deep but we believe that it is of a lower probability scenario.
Longer term, we still see a lot more weakness for the MYR, potentially reaching the 4.0000 mark (sometime in 2016) following the breach of the 2009 low of 3.7365
. (Read Report)
Source : CIMB Research
Labels: Forex, Technical Analysis