USD/MYR faces a deeper pullback below 4.3870 – UOB

Pablo Piovano FXStreet

USD/MYR could see its losses accelerate on a breach of 4.3870, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (13 Jun, spot at 4.4140) that ‘risk for USD/MYR is on the upside even though the 2020 high of 4.4410 is unlikely to come into the picture for now’. While USD/MYR advance as expected, it pulled back sharply after touching a high of 4.4240.”

“Upward momentum is weakening and a break of 4.3870 could lead to a deeper pullback to 4.3800, possibly 4.3670. For this week, the 55-day exponential moving average support at 4.3515 is not expected to come under threat. Resistance is at 4.4150 followed by 4.4240.”

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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