Further consolidation on the cards in USD MYR

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Further consolidation on the cards in USD MYR
Further consolidation on the cards in USD MYR

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.

Further consolidation on the cards in USD MYR
Further consolidation on the cards

“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