USD/MYR now faces some consolidation – UOB
|USD/MYR could trade between 4.6540 and 4.7550 in the next few weeks, according to Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
Last Monday (06 Nov), when USD/MYR was trading at 4.6900, we highlighted that “the outlook for USD/MYR is still negative.” We added, “it could drop to 4.6480, but the next support at 4.6300 is likely out of reach for now.” While USD/MYR then plunged to a low of 4.6260, it snapped back up and ended the week at 4.7060 (-0.42%). Downward pressure has faded with the sharp bounce.
This week, we expect USD/MYR to consolidate, likely in a range of 4.6540/4.7550.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.