USD/MYR Analysis Today 30/01: Steady Range (Chart)
Date
1/30/2025 2:20:51 PM
(MENAFN- Daily Forex) The USD/MYR has sustained values near the 4.4000, this after falling last Friday from around the 4.4500 ratio to the trading vicinity still being seen four days later with quiet volumes due to the Lunar New Year.
The USD/MYR is slightly below the 4.4000 ratio as of this writing depending of the quote being offered by brokers. The USD/MYR has produced a rather steady bearish downturn since touching highs in the first and second weeks of January which consistently tested the 4.5000 levels and sometimes above.
financial institutions have produced calm trading and the ability to move lower is a healthy sign for the USD/MYR.
The USD/MYR is now traversing near values it saw on the 11
th of November. This is a rather remarkable outcome for the currency pair considering the struggles generated in other major currencies valued against the USD. The U.S Federal Reserve remained cautious yesterday but early trading today has produced rather tranquil results in the USD/MYR without any signs of volatile price movements, which is also because of light trading due to the Lunar New Year being celebrated by many.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money The 4.4000 Rate as an Inflection Point
The 4.4000 level in the USD/MYR is likely to get attention in the near-term. Because the currency pair has been able to produce downwards price action the past two weeks and returned values to USD/MYR levels not seen since early November, financial institutions may be wondering if the move lower has gotten too far ahead of itself. The Malaysian Ringgit has done well compared to other major currencies versus the USD.
Having broken through the 4.4500 level last Friday and being able to sustain prices around the 4.4000 level is important. Equilibrium in the minds of financial institutions may continue to allow speculators the opportunity to take advantage of short-term support and resistance levels while looking for quick hitting wagers. If price action remains below the 4.4000 and continues to persist around the 4.3950 to 4.3900 level, this could be taken as a bearish signal and one that could highlight a potential to tests lower values Volumes and Risk Taking Tactics in the USD/MYR
The USD/MYR is not a heavily traded Forex pair. The market is most active during Asian trading hours and looking for price action beyond this timeframe is difficult. The USD/MYR should be watched carefully in the coming days because volumes will remain rather light.
The Lunar New Year has certainly hampered volume yesterday and today, and this will continue into tomorrow. Meaning that the holiday and the tranquil range of the USD/MYR could see more volatility early next week when fuller volumes are seen again. Speculators need to be careful during this holiday season and understand unbalanced orders can cause momentary swift changes in value. Risk taking tactics need strict management in order to trade safely for retail speculators.
USD/MYR Short Term Outlook:
Current Resistance: 4.3990
Current Support: 4.3910
High Target: 4.4080
Low Target: 4.3870
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