USD/MYR: Extra weakness in the pipeline – UOB

Pablo Piovano FXStreet

Markets Strategist Quek Ser Leang at UOB Group suggests USD/MYR risks further losses in the short-term horizon.

Key Quotes

We expected USD/MYR to consolidate in a range of 4.6540/7.7550 last week. USD/MYR then traded between 4.6540 and 4.7210 before ending the week at 4.6780 (-0.59%). USD/MYR edged lower in Asian trade today, and downward momentum appears to be building again, albeit tentatively.

This week, USD/MYR is likely to trade with a downward bias, but any decline is unlikely to reach the early November low, near 4.6280 (there is another support at 4.6400). Resistance is at 4.7150, followed by 4.7350.

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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