USD/MYR Analysis Today 10/04: Slight Movement Lower (Chart)

(MENAFN- Daily Forex) The USD/MYR is near the 4.4670 ratio at the time of this writing, this after battling near highs which challenged the 4.5000 level most of yesterday, and global Forex nervousness still remains evident.

The past handful of trading days in the USD/MYR have seen nervous sentiment caused by uncertainty in the global marketplace have an effect of the currency pair. As of yesterday the USD/MYR was traversing mid-term highs around the 4.5000 mark as financial institutions certainly questioned their outlooks regarding cash forward transactions. Since the U.S White House has announced a pause regarding tariffs however, some selling of the USD/MYR has materialized.

While the past week of the USD/MYR has seen volatile trading, compared to many other emerging market currencies the Malaysian Ringgit has done rather well. Yes, bullish momentum took the currency pair to ratio's last seen on the 3rd of February, but the USD/MYR did not penetrate apex highs. As yesterday's noise levels became robust early yesterday, the currency pair remained within a known range in many respects when a three or six month technical perspective is used Remain and Near-Term Prices Could be Choppy

Technical traders of the USD/MYR have to accept that behavioral sentiment remains an important aspect of the current trading conditions. Behavioral sentiment clearly is affecting swirling movements in the USD/MYR and this is likely to remain evident over the near-term and likely then next few weeks. While tariffs concerns regarding Malaysia and the ability to negotiate with the U.S White House are a likely outcome, a lack of clarity remains present because of the negotiations between the U.S and China.

A potential knock on effect is a legitimate worry for the USD/MYR if trade talks between China and the U.S remain unfriendly. However, resistance which was certainly tested yesterday did provide some degree of insights regarding financial institutions and their ability to sustain some calm in the USD/MYR Traders and USD/MYR Volatility

There is chance that trading in the USD/MYR could present opportunities for day traders if they have a taste for adventure over the next two days. Volumes in the USD/MYR are not heavy which means that a sudden change in sentiment could cause a spike that is not expected.

• Traders who believe the USD/MYR remains in overbought territory because of the past week of trading and expect a return to the 4.4400 vicinity cannot be blamed.
• However, because trade negotiations may remain loud between China and the U.S.
• USD/MYR traders should not get over confident and be willing to look for quick hitting movements that target less ambitious goals.

USD/MYR Short Term Outlook:

Current Resistance: 4.4690

Current Support: 4.4610

High Target: 4.4550

Low Target: 4.4790

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