Further consolidation on the cards in USD/MYR – UOB

Pablo Piovano FXStreet

USD/MYR is likely to trade within the 4.1370-4.1600 range for the time being, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“Last Monday (25 Oct, spot at 4.1515), we highlighted that ‘the underlying tone has weakened somewhat USD/MYR could breach the rising trend-line support at 4.1420’. We added, ‘as downward pressure is not strong for now, any weakness is likely limited to a test of 4.1370’. Our view was not wrong as USD/MYR dipped slightly below the rising trend-line on Friday (low of 4.1400). Despite the breach of the trend-line, downward pressure has barely increased and USD/MYR is unlikely to weaken much further.”

“For this week, USD/MYR is more likely to consolidate and trade between 4.1370 and 4.1600. Looking ahead, in terms of several weeks, as long as USD/MYR does move above the 55-day exponential moving average (currently at 4.1680), there is chance for USD/MYR to edge lower towards Sep’s low at 4.1280.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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