USD/MYR: Bulls face the next hurdle of note at 4.7000 – UOB

Pablo Piovano FXStreet

Extra gains in USD/MYR should meet a tough barrier around 4.7000 according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

Last week, we expected USD/MYR to trade in a range between 4.6250 and 4.6660. Instead of trading in a range, USD/MYR rose to a high of 4.6790. Upward momentum has increased, albeit not much.

This week, USD/MYR could edge above June’s high of 4.6880 before the risk of a pullback increases. The next resistance at 4.7000 is unlikely to come under threat. In order to maintain the buildup in momentum, USD/MYR must stay above 4.6500.

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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