USD/MYR: Further upside remains on the cards but… - UOB

Pablo Piovano FXStreet

The continuation of the upside in USD/MYR is not ruled out, although a test of the 4.51 hurdle remains elusive for the time being, suggests Quek Ser Leang, FX Strategist at UOB Group’s Global Economics & Markets Research.

Key Quotes

“While we expected USD/MYR to strengthen last week, we were of the view that ‘the major resistance at 4.4980 is likely out of reach’. However, USD/MYR took out 4.4980 and rose to 4.5020. Upward momentum has improved, albeit not by much.”

“For this week, USD/MYR could advance further but the resistance at 4.5100 is unlikely to come into view for now. Support is at 4.4930 but only a break of 4.4900 would indicate that the current upward pressure 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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