USD-MYR broke below the intermediate uptrend line at 4.10. This also coincides with the breakdown of the horizontal line at 4.10. With the downside breakout, USD-MYR will likely to move either sideways or down. I would rate the downside move to be the more likely scenario.
Chart 1: USD-MYR's daily chart as at Mar 7, 2016_4.05pm (Source: Investing.com)
Chart 2: USD-MYR's weekly chart as at Mar 2, 2016_3.45pm (Source: Investing.com)
Based on the above, we can expect more selling pressure on the rubber glove stocks as well as other export-oriented companies. My earlier speculative call for rubber glove stocks is no longer applicable.
http://nexttrade.blogspot.my/2016/03/usd-myr-broke-below-410-mark.html
