• FxWirePro: Malaysian Ringgit trades marginally lower after PMI data

    Source: FxWire Pro - Technicals / 02 Jul 2017 21:45:56   America/New_York

    • Pair is currently trading around 4.2990.
       
    • It made intraday high at 4.2990 and low at 4.2875 levels.
       
    • Intraday bias remains bullish for the moment.
       
    • A sustained close above 4.3025 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 4.2810, 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. Current upside movement is short term trend correction only.
       
    • Malaysia June PMI drops to 5-year low at 46.9 (vs May's 48.7) on weaker output.

    We prefer to take long position in USD/MYR around 4.2970, stop loss 4.2810 and target 4.3030/4.3259 levels.

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