FXWIREPRO: Malaysian Ringgit Continues to Add Strength Against US Dollar, Intraday Bias Remains Bearish
22 March 2016, 06:54
0
58
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
