USD/MYR: Further upside faces a solid hurdle around 4.5790 – UOB

Pablo Piovano FXStreet

Extra gains in USD/MYR are expected to meet decent resistance around the 4.5790 region for the time being, notes Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

After USD/MYR dropped to a low of 4.5150 and rebounded, we highlighted last Monday (31 Jul, spot at 4.5420) that “Despite dropping to 4.5150, there is no clear increase in momentum”, and we expected USD/MYR to trade in a range between 4.5250 and 4.5790. Our expectations were incorrect as USD/MYR fell to 4.4950, then rebounded strongly to end the week unchanged at 4.5530.

The rebound has gained some momentum, and this week, there is room for USD/MYR to rebound further. However, any advance is unlikely to break clearly above 4.5790 (minor resistance is at 4.5600). On the downside, if USD/MYR breaks below 4.5120 (minor support is at 4.5250), it would indicate that the buildup in momentum has eased

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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