Maybank Global Market Daily on SGD/MYR and USD/MYR - 23,24 July 2013

Below are the extracted information from Maybank Global Market Daily on SGD/MYR and USD/MYR which provided Maybank FX Research team.

Published on 25 July 2013, Thursday
Report date: 24 July 2013, Wednesday

Source: http://info.maybank2u.com.sg/pdf/investment-insurance/fx/FX_Daily_24-07-13.pdf

SGD/MYR

SGD/MYR tested our support level of 2.5083 this morning, but rebounded to 2.5125 currently. We 

expected SGD weakness to weigh on the cross today with trades likely between 2.5040/2.5231 today.

USD/MYR

USD/MYR witnessed another gap-down this morning and was last sighted around 3.1735 vs. its previous close at 3.1785. 3.1515 is still the support to reckon for further retreats. The pair needs a decisive break of that support for a sharper pullback.

Published on 24 July 2013, Wednesday
Report date: 23 July 2013, Tuesday
Source: http://info.maybank2u.com.sg/pdf/investment-insurance/fx/FX_Daily_23-07-13.pdf
SGD/MYR

SGD/MYR is edging lower at 2.5118 currently on the back of a MYR rebound. MACD has now flipped and is pointing to bearish momentum for the cross. We expect price action to be between 2.5083/2.5287 today.

USD/MYR

USD/MYR gapped down this morning and was last sighted around 3.1660. 3.1515 is seen as the strong support for further retreats. Momentum is tilted to the downside.