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FxWirePro: Malaysian ringgit hits fresh 7 –month high against US dollar, intraday bias remains bearish

  • Pair is currently trading around 3.9420 marks.
     
  • It made intraday high at 3.9955 and low at 3.9400 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 4.0086.
     
  • A sustained break above key resistance will drag the parity towards 4.0214/4.0640/4.0933 marks.
     
  • Alternatively, reversal from key resistance will drag the parity down around 3.9136 levels.

We prefer to take short position in USD/MYR around 3.9505, stop loss 4.0086 and target 3.9136 marks.

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