• FxWirePro: Malaysian Ringgit trades marginally lower ahead of CPI data

    Source: FxWire Pro - Technicals / 20 Jun 2017 23:38:33   Eastern Standard Time

    • Pair is currently trading around 4.2835.
    • It made intraday high at 4.2935 and low at 4.2820 levels.
    • Intraday bias remains neutral for the moment.
    • A sustained close above 4.2820 will drag the parity up towards key resistances around 4.2935, 4.3030 and 4.3259 marks respectively.
    • Alternatively, reversal from key resistance will take the parity back around 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. Current upside movement is short term trend correction only.
    • Malaysia will release CPI data at 0400 GMT.

    We prefer to take long position in USD/MYR only above 4.2955, stop loss 4.2735 and target 4.3030/4.3259 levels.