USD/MYR: Short-term top in place? – UOB – by pabspiovano USDMYR Malaysia Currencies Crosses Banks
“We highlighted last Monday that ‘overbought conditions combined with waning upward momentum suggest USD/MYR is unlikely to advance further’ and we expected USD/MYR to consolidate between 4.4500 and 4.4900. Our view of consolidation was incorrect as USD/MYR rose to 4.5290 before closing at 4.5180 on Friday .”
“USD/MYR fell sharply upon opening today, and this combined with rapidly waning upward momentum suggests 4.5290 is a short-term top. However, it is too early to expect a major reversal.Share:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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