Ringgit oh ringgit….whats happening? Where are your levels?

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The Ringgit has been inundated with bad news one after another. The drop in Ringgit was first attributed to the oil slump and ongoing political scandal. Trump’s recent presidential success saw Asia reeling as investors move their money out of Asia as there are worried of Trump’s economic policies do not bode well for this continent. The Ringgit which is already Asia’s worst performing currency saw renewal weakness after some reprieve. Last Friday saw the Ringgit fall versus the US Dollar to 4.538. I suspected that if the Malaysian Central Bank did not intervene by halting Ringgit trading, we would have seen the Ringgit testing its all time of 4.71 recorded during the 1997 Asian Financial crisis.

usdmyrdaily

From the chart, I reckon these levels would be the main levels to look out for. The top at 4.50 and the low at 4.1687. Either levels broken would see the ringgit move strongly into that direction. Till then I see the Ringgit trading in between the said levels.