FXWIREPRO: Malaysian Ringgit Continues to Add Strength Against US Dollar, Intraday Bias Remains Bearish

FXWIREPRO: Malaysian Ringgit Continues to Add Strength Against US Dollar, Intraday Bias Remains Bearish

22 March 2016, 06:54
Roberto Jacobs
0
20

FXWIREPRO: Malaysian Ringgit Continues to Add Strength Against US Dollar, Intraday Bias Remains Bearish

  • Pair is currently trading around 4.0200. 
  • It made intraday high at 4.0610 and low at 4.0220 levels. 
  • Intraday bias remains bearish till the time pair holds key resistance at 4.0933. 
  • A sustained break above key resistance will drag the parity towards 4.1501/4.1786 marks. 
  • Alternatively, a sustained break below key support will drag the parity down around 4.0086 (August 2015 low)/ 3.9916/ 3.9553 levels.

We prefer to take short position in USD/MYR around 4.0275, stop loss 4.0350 and target 4.0086/3.9916 marks.

The material has been provided by InstaForex Company - www.instaforex.com

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