FxWirePro: Malaysian ringgit trades marginally higher ahead of industrial output data
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…
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.
