USD/MYR could retest 4.4550 near term – UOB – by pabspiovano USDMYR Malaysia Currencies Crosses Banks
“Last Monday , we held a bullish USD/MYR view. We indicated that ‘the risk for USD/MYR is still on the upside’. We added, ‘a break of the strong resistance at 4.3660 could potentially trigger a rapid rise to 4.4000’. Our bullish view was correct even though the anticipated ‘rapid rise’ exceeded our expectations as USD/MYR surged to a high of 4.4320 before closing higher by a whopping 2.23% , its largest 1-week advance since Mar 2020.
“While deeply overbought, the advance has room to extend to 4.4550. The next major resistance level at 4.5000 is unlikely to be tested this week. Support is at 4.4000, but only a breach of 4.3750 would indicate that the current strong upward pressure has eased.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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