USD/MYR (U.S. DOLLAR/MALAYSIAN RINGGIT)

After a long break on markets (as I have been enjoying being a father for the first time) I’m back with a blog update on an exciting range breakout in the emerging asia currencies. USD/MYR is trying to breakout from a 2 year-long consolidation range. This pair has been on my watch list for some time. I like these type of flat range breakouts. In this example USD/MYR moved between 3.00 and 3.20 levels for almost two years and over the same time period the crossrate tested 3.20 levels for 4 times. We can see that with this week’s price action, USD/MYR is challenging the same resistance. A decisive weekly close above 3.20 will confirm the breakout and push the crossrate towards 3.30-3.35 area. For the bullish outlook to remain intact USD/MYR should hold above 3.20 levels in the following weeks.