Further side-lined trading seen in USD/MYR – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group sees USD/MYR extending the consolidative phase in the near term.

Key Quotes

After USD/MYR dropped to a low of 4.5120 and rebounded, we highlighted last Monday (17 Jul, spot at 4.5560) that “there is a chance for USD/MYR to drop further to 4.5100. We also highlighted that “The likelihood of USD/MYR breaking clearly below the major support at 4.4880 is not high.” Our view did not materialize as USD/MYR dipped to 4.5200 and then rose to 4.5600. The price actions are likely part of a consolidation phase.

This week, USD/MYR is likely to trade in a range between 4.5230 and 4.6000.

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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