USD/MYR: Scope for a test of 4.4000 – UOB

Pablo Piovano FXStreet

In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, further upside could encourage USD/MYR to visit 4.4000.

Key Quotes

“Last Monday (09 May, spot at 4.3800), we held the view that ‘strong momentum suggests USD/MYR could break 4.4000’. Our expectations did not materialize as USD/MYR rose to a high of 4.3965 on Friday (13 May).”

“While there is still chance for USD/MYR to move above 4.4000, rapidly waning upward momentum (note that daily MACD is turning negative) suggests that a sustained rise above this major resistance is highly unlikely. On the downside, a breach of 4.3670 could lead to a pullback but 4.3330 is likely out of reach for now.”

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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