USD/MYR: A sustained move above 4.24 is not favoured – UOB

Pablo Piovano FXStreet

USD/MYR faces a potential break of 4.24, although further strength from there looks out of favour, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/MYR rose to a high of 4.2400 last week before closing on a firm note at 4.2250. Shorter-term conditions are overbought and while USD/MYR could advance above 4.2400 this week, a sustained rise above this strong resistance (top of rising channel) is unlikely.”

“The next resistance is near 4.2700, the 61.8% retracement of the drop from Mar 2020 to Jan this year. Support is at 4.2130 but only a breach of 4.1850 would indicate that the current upward pressure has eased.”

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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