USD/MYR Technical Analysis

The US Dollar keeps on gaining ground against the Ringgit on this Thursday driven by the Initial Jobless Claims report that brought a lower-than-expected number, which is good for the Dollar. The price broke above the 4,1350 level and it is now headed towards the 4,1500 level, which can be reached this Friday. Investors will be looking to the US Existing Home Sales report, due later today, which is a strong indicator of how heated the overall economy is. A higher-than-expected reading is possibly positive for the Dollar and it could be the ignition reason for an extended up move against the Ringgit in the following weeks.