In the opinion of Markets Strategist Quek Ser Leang at UOB, USD/MYR could revisit the 4.6480 region in the near term.
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We highlighted last Monday (30 Oct, spot 4.7540) that “the drop in USD/MYR has increased the likelihood of a pullback to 4.7430, possibly 4.7320.” While our view for USD/MYR to weaken was correct, the anticipated pullback exceeded our expectations as it dropped to a low of 4.7260 last Friday.
In Asian trade today, USD/MYR gapped down upon opening, and the outlook for USD/MYR remains negative. This week, it could drop further to 4.6480. The next support at 4.6300 is likely out of reach. Resistance is at 4.7200, followed by 4.7400.
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