0306 GMT [Dow Jones] The daily Bollinger downtrend channel which now caps at 3.2200 continues to steer USD/MYR lower. The market may attempt to break the round-figure trading barrier at 3.2000 which was nearly tested on Thursday when the ringgit reached a five-month high of 3.2015 to the U.S. dollar. Triggering of stop-loss orders below 3.2000 may spark a quick decline to 3.1800. The bearish technical bias for the U.S. dollar may however be undermined by the rise of the U.S. dollar index overnight. The U.S. dollar rose after data revealed U.S. manufacturing output climbed to its strongest since February 2011. USD/MYR is now 3.2110 from its Thursday close of 3.2100. (ewen.chew@wsj.com)
(END) Dow Jones Newswires
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May 22, 2014 23:06 ET (03:06 GMT)
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