Further consolidation on the cards in USD MYR – says UOB on 2nd November.
USD/MYR is likely to trade within the 4.1370-4.1600 range for the time being, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
“Last Monday (25 Oct, spot at 4.1515), we highlighted that ‘the underlying tone has weakened somewhat USD/MYR could breach the rising trend-line support at 4.1420. as downward pressure is not strong for now, any weakness is likely limited to a test of 4.1370’
Our view was not wrong as USD/MYR dipped slightly below the rising trend-line on Friday (low of 4.1400). Despite the breach of the trend-line, downward pressure has barely increased and USD/MYR is unlikely to weaken much further.
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Read more over at https://www.fxstreet.com/news/further-consolidation-on-the-cards-in-usd-myr-uob-202111021110