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CURRENCY ANALYSIS

USD/MYR– Long term

USD/MYR completed a multi-year base pattern in late 2014 when the top of the long-term bear channel and the 120 month (10 year) moving average were both cleanly broken.  Gains accelerated to 4.4814 in September 2015, slightly beyond the 76.4% Fibonacci retracement of the 1998-2011 4.87-2.9358 decline, ahead of the latest choppy setback.  We see the risk of a return towards former key resistance around the 3.7378-3.7550 area over coming months, with a higher low sought above the April 2015 one at 3.5333 to maintain the longer-term bullish outlook for a possible eventual return towards the 1998 peak at 4.87.

USD/MYR MONTHLY CANDLESTICK CHART

currency analysis long term EUR JPY

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