Malaysian ringgit falls against US dollar ahead of Malaysia’s policy rate decision

• USD/MYR is currently trading around 4.1237 levels.
   
• It made intraday high at 4.1343 and low at 4.11 levels.
   
• Intraday bias remains bullish till the time parity holds key support at 4.0700 levels.
   
• Alternatively, current rebound will take the parity around 4.1665/ 4.20 levels thereafter.
   
• Today Malaysia will release interest rate decision. The Malaysian central bank is expected to keep the overnight policy rate on hold at 3.25% today in order to attain a balance between defending the Malaysian ringgit and strengthening economic growth.
   
• A daily close below 4.07 will turn the bias bearish again and drag the parity down around 4.00 marks.

We prefer to take long position in USD/MYR around 4.12, stop loss 4.0780 and target 4.20 marks.