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Fresh Cycle High For USD/MYR, Trade Balance On Tap

MYR

The Ringgit has been pressured in early dealing as US Tsy Yields tick higher.

  • USD/MYR has printed a fresh cycle high at 4.7642 before marginally paring gains in recent dealing. The pair is at its highest level since 1998.
  • Bulls now target 4.7973, a Fibonacci projection. On the downside bears look to first break the 20-Day EMA (4.7200) which opens the low from 2 Oct (4.6900).
  • September Trade Balance is on tap this morning, a surplus of MYR21.70bn is expected.

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