Bullish Case Building for USD/MYR on Daily Chart

        0425 GMT [Dow Jones] USD/MYR could break out of its recent narrow technical range of 3.2520-3.2660 if it ends the day above and thus within the Bollinger uptrend channel. Entry into the uptrend channel could trigger a technical-based rally toward 3.2830 where the Ichimoku Cloud resistance awaits. The dollar has been steady this week as traders sit on the sidelines before the U.S. nonfarm payrolls data due later today. Trading conviction has been low as technical signals are lacking and some traders are cautious of risk aversion that typically occurs in May. Today's U.S. nonfarm payrolls report, if stronger than the consensus for 215,000 new jobs added, could nudge the Federal Reserve toward an earlier interest rate hike. USD/MYR is now 3.2670 from its last close of 3.2610. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 02, 2014 00:26 ET (04:26 GMT)