USD/MYR faces further consolidation near term – UOB

Pablo Piovano FXStreet

USD/MYR now seems to have moved into a 4.4100-4.4700 range, according to Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“While we expected USD/MYR to weaken last week, we were of the view that ‘the next support at 4.4300 is unlikely to come under challenge’.”

“However, USD/MYR weakened more than expected as it plummeted to a low of 4.4080 and then rebounded to end the week at 4.4260. The rebound in oversold conditions suggests that USD/MYR is unlikely to weaken further. This week, USD/MYR is more likely to trade in a range, expected to be between 4.4100 and 4.4700.”

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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