USD/MYR Signal Today - 29/10: USD Gains Vs MYR (Charts)
Date
10/29/2024 2:29:12 PM
(MENAFN- Daily Forex) Potential Signal:
I am a buyer of this pair at the 4.37 level. I would have a stop loss at the 4.32 level, with a target of 4.4950 above.
During my daily analysis of exotic currency pairs, the USD/MYR pair has caught my attention, because we continue to see a nice recovery in this market.
This is a market that has been beaten down quite severely until recently, and now it has found itself breaking above the 50 Day EMA.
This of course is a technical indicator that a lot of people will pay close attention to, so it is worth noting that we have stayed above it for multiple days.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money
Looking at the chart, you can see that the market had plunged quite drastically during most of the year, dropping quite rapidly as it appeared that the US economy was slowing down, while the Malaysian economy was growing quite rapidly.
That being said, the dynamics of the markets are starting to change quite a bit, and therefore I think you need to pay close attention to the fact that the winds of course are starting to favor the greenback across the world. This is showing up here in this pair just as it is in multiple other ones Analysis
The fact that we are above the 50 Day EMA is a very bullish sign, and now that we are above the 4.35 level, it's likely that we will continue to see a certain amount of interest in the
USD/MYR exchange pair .
At this point, we are threatening a breakout above the previous resistance barrier, and I think that is worth noting. Once we break above this area in general, we could see this pair go to the 4.50 MYR level rather quickly, because there should be quite a bit of momentum entering the market at that point.
I don't necessarily think that you should jump into this market with a huge position, but we are obviously on the precipice of a bigger move just waiting to happen. Because of this, I'm paying close attention to this market, because we could be setting up something rather special at this point.
Ready to trade our
daily Forex analysis ? Here's a list of the best brokers FX trading Malaysia to choose from.
MENAFN29102024000131011023ID1108830414
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.