USD/MYR Analysis Today 13/02: Faces Resistance (Chart)

(MENAFN- Daily Forex) The USD/MYR has come off its near-term highs seen on Monday when the 4.4750 ratio was challenged and yesterday's re-test, this as selling now has the currency pair around 4.4520.

The trading range of the USD/MYR has not delivered a solid trend for speculators. Choppy conditions are abundant. Day traders of the USD/MYR like all of global Forex remains at the mercy of nervous behavioral sentiment being generated from murky outlooks. However, the highs produced early this week near the 4.4750 mark and then ret-tested yesterday have seen a reversal lower in the past handful of hours. A return to 4.4500 level as a barometer is being seen again.

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Conditions in the USD/MYR have been effected by business considerations which are certainly causing reactions among large traders as talk about tariffs continues to cause some nervousness for the Malaysian Ringgit. Malaysia knows that it is being watched regarding its trading relationship with China. Malaysia also has mandated tough restrictions of its own on China and India regarding what it sees as underpriced resources being 'dumped' in recent weeks Policy and the USD/MYR

Malaysia provides a solid amount of transparency regarding its fiscal policy. The USD/MYR has been rather stable when a mid-term perspective is used regarding the currency pair's value. On the 12^th of November the USD/MYR was essentially trading at the values it now occupies. Highs were seen in late December and up until the second week of January when the 4.5100 vicinity proved durable resistance.

The USD/MYR has seen a rather solid trading range and the value of the Malaysian Ringgit when compared to other major currencies has actually been relatively strong. The USD/MYR was trading near the 4.7000 level in early July and was higher in the spring and early summer of 2024 as a Potential Spot to Look for Lower Values

Speculators of the USD/MYR may want to continue to look at resistance levels they perceive as locations to launch selling positions. Because the USD/MYR trading volume is light and the spreads can be wide, entry price orders in the USD/MYR are highly encouraged. Resistance levels around 4.4540 to 4.4570 may be seen as short-term high water mark which could spark a downturn.

• Day traders are reminded to also use take profit orders to cash out winning positions in the USD/MYR, this to make sure they are filled when the Forex market traverses near their targets.
• Because of the lower volume in the USD/MYR prices – it must be remembered – that are viewed on trading screens may only be bids and asks, which means the actual price for the USD/MYR is somewhere in the middle.
• Looking for lows around the 4.4970 may be suitable, but prove hard to attain short-term.

USD/MYR Short Term Outlook:

Current Resistance: 4.4580

Current Support: 4.4500

High Target: 4.4650

Low Target: 4.4430

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