The 4.0500 level has been proven vulnerable by financial institutions trading the USD/MYR early this morning, the value of the currency pair is near 4.0455 as of this writing.
Traders of the USD/MYR who have been pursuing the downside momentum of the currency pair have been rewarded once again. In early morning trading the USD/MYR is now resting around the 4.0455 vicinity. Yes, holiday trading volumes are light and most Forex price action will come to a close for the Malaysian Ringgit in the coming hours as financial institutions shutter.
Speculators need to understand that trading volumes will vanish in the coming hours as global Forex institutions begin to celebrate the Christmas holiday. The USD/MYR trajectory lower has been strong and its ability to sustain momentum noteworthy. The Malaysian Ringgit’s strength is certainly among the leaders within the emerging market sphere.
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USD/MYR Trading into the Weekend
USD/MYR traders will likely not be able to pursue much price action in the USD/MYR until Friday. Even when trading opens in Malaysia on Friday it is likely to remain quite muted, most financial houses globally will only operate skeleton workforces going into the weekend. The lower realms of the USD/MYR may look like an opportunity to speculate upon, but a lack of traders could lead to imbalanced results. Price entry and take orders profits are urged tactically.
Traders with limited funds and using brokers’ platforms should be cautious about placing any trades of the USD/MYR the remainder of today and into the weekend. It is suggested that speculators merely monitor the USD/MYR over the next couple of days and consider trading the currency pair on Monday when volumes should increase. However, traders also need to recognize that until the New Year’s holiday is celebrated and completed lower volumes in Forex will create potentially dangerous conditions for smaller positions over the next week and a half. Traders looking for fast results need some patience.
USD/MYR Lower Realms and Outlook
The Malaysian Ringgit has been a standout performer in Forex against the USD. Mid-term outlook for the USD globally also seems to indicate a weaker outlook.
- Meaning the lower realms of the USD/MYR may persists.
- Technical traders wanting to gauge current values against historical prices will need to pull out five year charts and beyond to see the realms now being speculated.
- The last time the Malaysian Ringgit was traversing its current ratios was in early 2021.
- Psychologically the USD/MYR is now close enough to the 4.0000 level to make it a legitimate target.
- However, day traders should not get overly ambitious and remember the next few days of trading will see very limited volume.
USD/MYR Short Term Outlook:
Current Resistance: 4.0465
Current Support: 4.0440
High Target: 4.0530
Low Target: 4.0390
Ready to trade our daily Forex forecast? Here’s a list of some of the top forex brokers in Malaysia to check out.