USD/MYR Analysis Today - 31/10: Resistance Holds Firm (Chart

(MENAFN- Daily Forex) As risks events abound in Forex the USD/MYR has seen its bullish trend continue to test higher resistance levels, but financial institutions may be beginning to contemplate new directions.

• The USD/MYR is around the 4.3765 price as of this writing.
• A high of nearly 4.3970 was tested yesterday, but after touching this level the price of the USD/MYR started to reverse slightly lower.
• The highs seen on Wednesday approached values not seen since the second week of September. The USD/MYR has correlated rather well with the broad Forex market and this is a positive sign for traders.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money

Many risks events are ahead in the near-term for the USD/MYR. Tomorrow U.S jobs numbers will be published, the U.S Presidential election is on Tuesday of next week, and the U.S Federal Reserve will present its FOMC Statement and interest rate decision one week from today. Cautious financial institutions have certainly been taking a risk adverse avenue the past month of trading and this has effected the USD/MYR with a noticeable bullish trend Traders and USD/MYR Speculation

Choppy trading will continue to be seen in the near-term. USD/MYR traders should expect to see the potential for price volatility to persist the remainder of this week. Even if the U.S jobs numbers are weaker tomorrow, it must be said that financial institutions who trade the USD/MYR will be mostly closed already for the weekend, meaning volatility will strike on Monday. And because this is only one day before the U.S election, behavioral sentiment among financial institutions will be rather mixed.

Traders of the USD/MYR should be cautious today and tomorrow. However, financial institutions will likely start to exhibit strong volatility early next week and this will remain over the next handful of days. The USD/MYR may appear to be overbought, but traders should not bet blindly on downside potential quite yet because financial institutions will remain extremely cautious until they feel risk appetite has become more optimistic and clarity has been delivered..Support Levels in the USD/MYR

The USD/MYR continues to trend higher and test resistance, speculators who are tempted to look for downside in the short-term should not get overly ambitious. The 4.3600 to 4.3500 levels may look appealing but speculators need to have patience.

• Practicing strong risk management because of the high degree of nervousness which will continue to be seen in the broad Forex market over the next few days and impact the USD/MYR will be important.
• Day traders are strongly advised to use conservative leverage in the near-term, unless they are willing to undertake pure gambling results which may lead to losses.

USD/MYR Short Term Outlook:

Current Resistance: 4.3795

Current Support: 4.3740

High Target: 4.3995

Low Target: 4.3570

Ready to trade our
daily Forex forecast ? Here's a list of some of the
top forex brokers in Malaysia
to check out.

MENAFN31102024000131011023ID1108839068