• FxWirePro: Malaysian Ringgit falls gradually against U.S. Dollar, bias remains bullish

    Source: FxWire Pro - Technicals / 19 Jun 2017 21:56:10   Eastern Standard Time

    • Pair is currently trading around 4.2775.
       
    • It made intraday high at 4.2825 and low at 4.2725 levels.
       
    • Intraday bias remains bullish till the time pair holds key support at 4.2640 marks.
       
    • A sustained close above 4.2760 will drag the parity up towards key resistances around 4.2870, 4.3030 and 4.3259 marks respectively.
       
    • Alternatively, reversal from key resistance will take the parity back around 4.2640, 4.2218, 4.2005 and 4.1915 levels thereafter.
       
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

    We prefer to take long position in USD/MYR around 4.2770, stop loss 4.2640 and target 4.3030 levels.