USD/MYR could revisit the 4.6880 region in the near term – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group suggests USD/MYR could extend the upside bias further and retest the 4.6880 zone in the near term.

Key Quotes

Our expectations for USD/MYR to “edge above June’s high of 4.6880” last week did not materialise. USD/MYR traded in a relatively quiet manner between 4.6670 and 4.6850.

While there is hardly any increase in momentum, we continue to see room for USD/MYR to edge above 4.6880. The next major resistance at 4.7000 is unlikely to come into view. Support is at 4.6650, followed by 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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