Malaysian ringgit erases previous gain against US dollar, short term trend reversal expected

• Pair is currently trading at 4.0992 levels.
  
  
• It made intraday high at 4.1081 and low at 4.0780 levels.
  
  
• Intraday bias remains bullish for the moment.
  
  
• A daily close below 4.0700 will turn the bias bearish again and drag the parity towards key support level at 4.0086 marks.
  
  
• Alternatively, current rebound from 4.0700 levels will take the parity higher around 4.1430 levels.
  
  
• Overall trend remains bearish till the time pair holds key resistance levels at 4.2194 levels.

We prefer to take long position in USD/MYR around 4.0950, stop loss 4.0700 and target 4.1430 levels.