Further gains appear on the table in USD/MYR – UOB

Pablo Piovano FXStreet

USD/MYR faces prospects for extra upside in the near term. according to FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (01 Aug, spot at 4.4480) that USD/MYR ‘could drift lower but is unlikely to threaten the rising trend-line support at 4.4300’. USD/MYR dropped briefly to 4.4450 on Friday before rebounding. While USD/MYR extended its advance during Asian hours today, upward momentum is not strong.”

“That said, there is scope for USD/MYR to edge higher but for this week, a break of 4.4700 is unlikely (there is another resistance at 4.4650). Support is at 4.4450 followed by the rising trend-line support at 4.4350. The rising trendline support is unlikely to come under threat this week.”

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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