USD/MYR Technical Analysis

For the past few days, the US Dollar has been stuck in a range against Ringgit and is now trading at 4.1800. The Consumer Confidence data came in well below expectations (109.3 real against 114.5 forecast) and this caused the Dollar to depreciate 0.23%. Even so, the recent situation of indecision remains, while the market awaits the Fed’s next steps on US monetary policy. This Wednesday, data from Pending Home Sales may move the market. If the reading comes in higher than expected, it could make the US Dollar gain more ground against the Ringgit. Also, the FED’s president speech could hint about where the US Dollar is going. From a technical point of view, if the USDMYR breaks above 4.1925, it could rise to 4.2400 in a few days.