USD/MYR faces extra consolidation – UOB

Pablo Piovano FXStreet

USD/MYR remains side-lined and is seen trading within the 4.3900-4.4100 range for the time being, according to Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“We highlighted last Monday (20 Jun, spot at 4.4000) that ‘momentum is weakening and a break of 4.3870 could lead to a deeper pullback to 4.3800’. Our expectations did not materialize as USD/MYR traded sideways for the whole week and within a narrow range of 4.3950/4.4055.”

“Shorter-term momentum indicators are neutral and USD/MYR could continue to trade sideways this week, likely between 4.3900 and 4.4100.”

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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