USD/MYR sticks to the consolidative range – UOB

Pablo Piovano FXStreet

USD/MYR is still expected to navigate within the 4.1700-4.2000 range for the time being, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/MYR traded between 4.1800 and 4.1940 last week, narrower than our expected consolidation range of 4.1680/4.2060. Momentum indicators are mostly neutral and USD/MYR could continue to consolidate this week, expected to be within a range of 4.1700/4.2000.”

“Looking ahead, the risk of USD/MYR breaking below the bottom of the expected range (at 4.1700) first appears to be greater but any weakness is expected encounter solid support at 4.1620 and 4.1560.”

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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