- Malaysia’s new central bank governor Datuk Nor Shamsiah Mohd Yunus is set to preside over her first interest-rate meeting on Wednesday.
- Bank Negara Malaysia is unlikely to make any changes in its monetary policy during the Monetary Policy Committee (MPC) meeting tomorrow.
- USD/MYR extending weakness from 2018 highs at 1.0490 hit in last week's trade.
- The pair is down 0.19 percent at the time of writing. Technical indicators on daily charts are turning bearish.
- Price action currently finds strong support at 200-DMA at 1.0092. Break below will accentuate weakness. Scope then for test of 3.97 levels.
- On the flipside, rejection at 200-DMA could see resumption of upside. Scope then for new 2018 highs.
Support levels - 4.0092 (200-DMA), 3.9867 (50-DMA)
Resistance levels - 4.0330 (5-DMA), 40490 (2018 high)
Recommendation: Good to go short on break below 200-DMA, SL: 4.0330, TP: 4.0035/ 3.9870/ 3.9420
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 126.999 (Bullish) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
