Daily BriefsTechnical Analysis

Daily Brief Technical Analysis: USD/MYR Red Flag Above 4.50 and more

In today’s briefing:

  • USD/MYR Red Flag Above 4.50
  • Watch RTY Trigger for NDX New Lows

USD/MYR Red Flag Above 4.50

By Thomas Schroeder

  • USD/MYR breakout above 4.50 targets 4.66 and 4.80 and will see a correlation bleed in Asia compared to a topping DXY zone at 111.25/50.
  • This USD/MYR red flag has the potential to see accelerated USD gains in Asia as risk aversion dominates trade into late September.
  • Asian FX and particularly SE Asian FX at risk. USD/THB targets 38 and the IDR is now vulnerable.

Watch RTY Trigger for NDX New Lows

By Thomas Schroeder

  • Call to re cycle shorts at targets on September 12/13 and buy the USD at DXY 108 is paying off. Use an uptick early this week to add to shorts.
  • NDX remains our top US short but an inflection below RTY 1,775 pivot support will increase downside conviction for a hard NDX bear press to 11,500 and 11,000.
  • SPX 3,750 pressure test expected, if below will increase odds of a new low. Monitor DXY 111.25/50 for an early warning dollar top.

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