- 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.
