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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.
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- 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.
- 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.
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