USD/MYR: Upside now looks to 4.1700 – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted the upside bias in USD/MYR could reach the important barrier at 4.1700.

Key Quotes

“Having breach the rising trend-line support (low of 4.1050), the strong surge in USD/MYR last week came as a surprise. Daily MACD has turned positive and USD/MYR is likely to break the year-to-date high at 4.1570.”

“In view of the overbought shorter-term conditions, the next resistance at 4.1700 could be out of reach this week. Support is at 4.1300 but only a break of 4.1200 would indicate that the upside risk has dissipated.”