USDMYR pair is moving along the channel A-A1 and B-B1 for the past 4 weeks. The movement of USDMYR was in line with other Asian currencies against the US Dollar such as the SG Dollar and KR Won.
On the daily chart, USDMYR has been bouncing against the 20 SMA and the MACD has cross over the trigger line since three week ago but the overall picture is still bearish with lower high and lower low. We are looking for a break of the support at 3.17 for a move toward 3.15. Any break upward will not alter the bearish stand.
On the fundamentals for the coming weeks the US Nonfarm Payrolls (NFP) data will be the has a major influence on the US dollar but the preNFP reports will aslo be a factor.yment report. First on the block will be ISM Manufacturing report. Any surprises in said number could color expectations for historically market-moving ISM Services data due just two days later.
Wednesday’s ADP Employment and Challenger Job Cuts data could likewise color forecasts for what promises to be a contentious NFP release.
US Dollar bulls should hope that the economy added jobs for a second consecutive month, and it would be the first such occurrence since December, 2007. With so much riding on the release, any especially large surprises could easily set the tone for US Dollar trading in the days to follow. Traders will certainly wonder whether the all-important US labor market has truly turned the corner and if consumer spending can recover through the second quarter.
