• FxWirePro: Malaysian Ringgit trades marginally higher ahead of industrial output data

    Source: FxWire Pro - Technicals / 11 Jul 2017 23:11:10   Eastern Standard Time

    • Pair is currently trading around 4.2923.
    • It made intraday high at 4.2965 and low at 4.2890 levels.
    • Intraday bias remains slightly bearish for the moment.
    • A sustained close above 4.3020 will drag the parity up towards key resistances around 4.3259, 4.3310 and 4.3408 marks respectively.
    • Alternatively, reversal from key resistance will take the parity back around 4.2855, 4.2810, 4.2735, 4.2640, 4.2218, 4.2005 and 4.1915 levels thereafter.
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
    • Malaysia will release industrial output data at 0400 GMT.

    We prefer to take short position in USD/MYR around 4.2940, stop loss 4.3020 and target 4.2855/4.2810/4.2725 levels.

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