As of the this writing the USD/MYR is near the 4.2285 mark, which is quite frankly not far from what its value was last week at this time. Yes, the currency pair is trading, but it awaits impetus to move in a greater fashion.
Tight value realms remain the norm in the USD/MYR. This morning’s price action is essentially near values seen at this time last week. The currency pair is showing a 4.2285 ratio at this moment depending on the bids and asks being demonstrated. Day traders must understand the lows volume in the USD/MYR creates wide spreads that should be handled via entry price orders if wagers are being pursued.
However, even as the USD/MYR produces what might be looked upon as rather consolidated trading by outsiders, the currency pair continues to show reactions to broad Forex market action elsewhere. The correlation of the USD/MYR is interesting and in the coming days and next week may produce opportunities for speculators.
Support Levels and Durable Technical Values
Lower values of 4.2175 seen early this week are not far away from the current price ratios being seen on trading platforms for the USD/MYR, but the strong support levels and durable resistance values make for an interesting wagering advantage. However, the U.S Federal Reserve is going to cut its Federal Funds Rate on the 29th of October via most analysts considerations. While the coming interest rate cut of 25 basis points has been factored into the USD/MYR already, the Fed’s outlook has not been.
Conditions in the broad Forex market have been volatile and choppy in many major currency pairs. The USD/MYR has avoided violent jumps and declines in value. The coming week may continue to offer some of the same tight trading ranges experienced the past couple of weeks. Yet, it will be interesting to see if the currency pair merely lingers in its known range, or starts to test realms outside of its current price band.
Wagering Near-Term for the USD/MYR
- It appears unlikely that there is going to be a major shakeup of value in the USD/MYR over the next two days.
- Traders may be able to take advantage of known realms if they have patience and are conservative via leverage amounts used to bet.
- Looking for reversals that continue to explore the known range in the USD/MYR seem logical from a technical perspective.
- Next week’s trading in the USD/MYR may see a widening of its price range and day traders need to be prepared for increased volatility on Tuesday through Thursday of next week, this as financial institutions position themselves before the U.S Federal Reserve FOMC rate and outlook announcements.
USD/MYR Short Term Outlook:
Current Resistance: 4.2300
Current Support: 4.2210
High Target: 4.2315
Low Target: 4.2175
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