USD/MYR Analysis Today - 07/08: Short-Term Reversal (Chart)
(MENAFN- Daily Forex) The USD/MYR has experienced a slight reversal the past day of trading, but speculators who have been wagering on the downside trajectory of the currency pair likely remain firm regarding their perspectives.
The USD/MYR exchange rate is near the 4.4855 ratio as of this writing with fast price changes being demonstrated. The trend of the USD/MYR has been within a rather productive bearish trend since the start of July, and depending on technical perspectives could be argued to have been decreasing since viable highs were challenged in mid-April. The results of the Malaysian Ringgit early this week also speak to the rather consistent behavior the currency has exhibited over the past handful of months.
When many other currencies were becoming chaotic with volatility on Monday when the Japanese markets experienced peak turmoil, the USD/MYR continued to trade lower and touched the 4.3950 vicinity. Yes, the currency pair has moved higher since touching this low which had last been seen in May of 2023, but the bearish trend is hard to deny and likely remains tempting for traders to consider.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money USD/MYR Trading Remains within Confines of Exotic Description
While the USD/MYR remains described as an 'exotic' currency pair because its volume is not considered among the highest tier of major Forex movers, there are plenty of traders who speculate on the price action. The USD/MYR on Monday produced a day which correlated to the Singapore Dollar closely and this may be interesting for traders to look for correlations. The USD/MYR is trading within the lower part of its price realm when technical charts are considered.
However, the Malaysian Ringgit was also part of an Asian currency group which suffered from a very solid bullish trend upwards from January of 2023 until April of this year against the USD. The ability of the USD/MYR to reverse and move towards lower depths is fascinating, but when a five year chart of the currency pair is studied it is clear there is still room for more volatility. Financial institutions have reacted positively in the past few months to Malaysian government fiscal policy USD/MYR Trading and Behavioral Sentiment
Trading in the USD/MYR has seen a solid amount of price velocity since the start of August. The bearish move made has also come as trading in the USD/JPY has seen significant traction lower, although the USD/JPY did move higher in the past day and a half too. This could be viewed as another correlation for those interested in the Malaysian Ringgit.
The U.S will not be publishing much economic data the remainder of this week, except for weekly jobs numbers tomorrow. The range of the USD/MYR will be watched and resistance levels around 4.5000 should be monitored to see if it can be sustained in the short and near-term.
USD/MYR Short Term Outlook:
Current Resistance: 4.4935
Current Support: 4.4750
High Target: 4.5100
Low Target: 4.4550
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