USD/MYR risks a deeper drop near term – UOB

Pablo Piovano FXStreet

USD/MYR remains under pressure and poised to drop further in the near term, suggests Markets Strategist at UOB Group Quek Ser Leang.

Key Quotes

“USD/MYR closed sharply lower for the fourth week in a row last Friday (4.3830, -2.06%). While further weakness is not ruled out, deeply oversold conditions suggest any decline is likely to be at a slower pace and a clear break of 4.3240 is unlikely.”

“Resistance is at 4.4180; a breach of 4.4450 would indicate the current weakness has stabilized.”

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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