USD/MYR: Rising bets for extra gains – UOB

Pablo Piovano FXStreet

The bullish view in USD/MYR remains unchanged for the time being, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

“Our view for USD/MYR to ‘trade with a downward bias towards 4.4200’ last week was incorrect. From a low of 4.4300, USD/MYR turned around and surged to a high of 4.4780 last Friday. Upward momentum is strong and USD/MYR extended its rally today.”

“Further USD/MYR strength is likely this week, but it might not be able to break above the March high of 4.5290. Support is at 4.4700, followed by 4.4500.”

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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