USD/MYR: Still scope for a drop to 4.1520 – UOB

Pablo Piovano FXStreet

According to Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/MYR could still retest the 4.1520 support zone.

Key Quotes

“USD/MYR dropped to a 1-1/2 - month low of 4.1620 last Friday. While the rapid decline over the past couple of weeks appear to be running ahead of itself, there is room for USD/MYR to test 4.1520.”

“For this week, a sustained drop below this major support level is unlikely. Resistance is at 4.1800 followed by 4.1920. Looking ahead, the next support below 4.1520 is at 4.1400.”

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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