USD/MYR now seen within 4.3670-4.4010 – UOB
|The Malaysian ringgit is expected to trade between 4.3670 and 4.4010 vs. the US dollar in the next weeks, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
Key Quotes
“We highlighted last Tuesday (17 May, spot at 4.3890) that ‘while there is still chance for USD/MYR to move above 4.4000, rapidly waning upward momentum suggests that a sustained rise above this major resistance is highly unlikely’.”
“Our view was not wrong as USD/MYR rose to 4.4050 before pulling back. Upward momentum has waned further and USD/MYR is unlikely to strengthen from here. For this week, USD/MYR is more likely to trade sideways between 4.3670 and 4.4010. Looking ahead, if USD/MYR breaks clearly below 4.3670, it could signal the start of a deeper pullback in the weeks ahead.”
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.