After hitting a high of nearly 4.1550 on Monday, the USD/MYR has displayed an ability to incrementally crawl back to lower values and as of this writing the currency pair is near 4.1135.
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Speculators have endured plenty of volatility in the broad Forex market and the USD/MYR has not escaped price fluctuations. The USD/MYR is near the 4.1135 ratio currently, this after being able to demonstrate an ability to move lower following high water marks early on Monday of this week when the 4.1550 came into sight. USD centric strength has led to many major currencies losing value when paired against the Dollar since last Wednesday in a sustained manner.
And this is where it gets potentially intriguing for speculators looking to wager on the USD/MYR. The ability of the currency pair to actually show some Malaysian Ringgit strength and creep lower is curious because many other currencies have not been able to get these results. In other words, the USD/MYR selling action has been sparked by influence from another source the past few hours and this has come from a good Leading Economic Indicator Index data print in Malaysia which was positive earlier today.
Move from 4.1355 to Current Lower Value for USD/MYR
Because the USD/MYR is not a highly traded currency pair, small actions from financial institutions can create waves. While the move which happened a few hours ago from 4.1355 approximately to the current lower ratios is solid, now speculators may want to ask if the lower realms will prove durable.
Nervousness in the global markets continues to be seen, while yesterday’s loses on the U.S indices from the Nasdaq 100 and S&P 500 were rather fractional, it doesn’t mean large global investors have suddenly found calm waters. Day traders need to understand sentiment generated by risk appetite and risk adverse conditions play a large role in the trading of USD/MYR.
Near-Term Values in the USD/MYR via Wagering
Speculators need to be careful and watch the broad Forex market for clues regarding potential reactions for the USD/MYR. The ability to move lower with some velocity the past few hours and sustain values near the 4.1135 mark is a solid result, but carries some suspicion.
If support levels in the USD/MYR short and near-term charts start to look like they are durable, this may present an opportunity to look for some upside in the currency pair.
Yes, the USD/MYR has been within lower depths and up until the 18th of June the currency pair had been able to maintain values below the 4.1000 mark easily.
But let’s remember last week at this time is when reactions from the U.S Federal Reserve and nervous results from Wall Street started to infiltrate behavioral sentiment.
Until there is a shift in sentiment it may prove difficult to look for the stronger lower ratios of the USD/MYR that were seen not so long ago reappear.
USD/MYR Short Term Outlook:
Current Resistance: 4.1160
Current Support: 4.1105
High Target: 4.1340
Low Target: 4.1030
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