FxWirePro: Malaysian ringgit falls gradually against U.S. dollar, bias remains bullish
Pair is currently trading around 4.2775. It made intraday high at 4.2825 and low at 4.2725 levels. Intraday bias remains bullish till the time pair holds key support at 4.2640 marks. A sustained close above 4.2760 will d…
It made intraday high at 4.2825 and low at 4.2725 levels.
Intraday bias remains bullish till the time pair holds key support at 4.2640 marks.
A sustained close above 4.2760 will drag the parity up towards key resistances around 4.2870, 4.3030 and 4.3259 marks respectively.
Alternatively, reversal from key resistance will take the parity back around 4.2640, 4.2218, 4.2005 and 4.1915 levels thereafter.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/MYR around 4.2770, stop loss 4.2640 and target 4.3030 levels.
