• FxWirePro: Malaysian Ringgit rises gradually against U.S. Dollar, malaysia’s CPI data in focus

    Source: FxWire Pro - Technicals / 18 Jul 2017 22:05:58   America/New_York

    • Pair is currently trading around 4.2835.
    • It made intraday high at 4.2840 and low at 4.2780 levels.
    • Intraday bias remains neutral till the time pair holds key resistance at 4.2900 marks.
    • A sustained close above 4.2900 will drag the parity up towards key resistances around 4.3030 and 4.3259 marks respectively.
    • Alternatively, reversal from key resistance will take the parity down around 4.2725, 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 CPI data at 0400 GMT.

    We prefer to take short position in USD/MYR around 4.2850, stop loss 4.2970 and target of 4.2725/4.2530.

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