USD/MYR now faces some consolidation – UOB
USD/MYR could trade between 4.6540 and 4.7550 in the next few weeks, according to Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
Last Monday (06 Nov), when USD/MYR was trading at 4.6900, we highlighted that “the outlook for USD/MYR is still negative.” We added, “it could drop to 4.6480, but the next support at 4.6300 is likely out of reach for now.” While USD/MYR then plunged to a low of 4.6260, it snapped back up and ended the week at 4.7060 (-0.42%). Downward pressure has faded with the sharp bounce.
This week, we expect USD/MYR to consolidate, likely in a range of 4.6540/4.7550.
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.