USD/MYR: Upside now looks to 4.1700 – UOB

Pablo Piovano FXStreet

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted the upside bias in USD/MYR could reach the important barrier at 4.1700.

Key Quotes

“Having breach the rising trend-line support (low of 4.1050), the strong surge in USD/MYR last week came as a surprise. Daily MACD has turned positive and USD/MYR is likely to break the year-to-date high at 4.1570.”

“In view of the overbought shorter-term conditions, the next resistance at 4.1700 could be out of reach this week. Support is at 4.1300 but only a break of 4.1200 would indicate that the upside risk has dissipated.”

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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