Further upside seen in USD/MYR near term – UOB

Pablo Piovano FXStreet

FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggested USD/MYR could maintain the bullish bias for the time being.

Key Quotes

“While we expected USD/MYR to strengthen last week, we were of the view that ‘a sustained advance above 4.4615 is unlikely’. We did not anticipate the strong rally as USD/MYR soared to 4.4780 last Friday before extending its advance today.”

“Further USD/MYR strength is not ruled out but shorter-term conditions are deeply overbought and the 2017 high at 4.4980 is likely out of reach for now (there is another resistance at 4.4900). On the downside, the ‘break-out’ level at 4.4615 is a solid support level now.”

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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