USD/MYR faces some consolidation near term - UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/MYR could navigate within the 4.1680-4.2060 range.

Key Quotes

“The sharp drop in USD/MYR to a low of 4.1680 last week came a surprise (we were expecting USD/MYR to test the resistance at 4.2200). The rapid decline appears to be running ahead of itself and USD is unlikely to weaken further.”

“For this week, USD/MYR is more likely to consolidate between 4.1680 and 4.2060. Looking ahead, a break of 4.1680 is not ruled but any decline is expected to encounter solid support at 4.1620 followed by 4.1560.”

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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