Markets Strategist Quek Ser Leang at UOB Group suggests USD/MYR could move into a consolidative phase prior to the resumption of the uptrend.
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Last week, USD/MYR soared and ended the week higher by 1.31% (Friday’s close of 4.6450). While strong momentum suggests USD/MYR could rise further, overbought short-term conditions could lead to a few days of consolidation first.
Overall, as long as USD/MYR stays above 4.6100 (there is another support at 4.6250), it could rise to 4.6700 later on. This week, the next resistance at 4.6880 is unlikely to come into view.
Source: https://www.fxstreet.com/news/usd-myr-faces-some-range-bound-trade-near-term-uob-202308211108