USD/MYR Technical Analysis

The US Dollar fell against the Ringgit this Thursday and is now trading at 4.1840. The downward movement is due, in part, to the macroeconomic indicator ADP Nonfarm Employment Change released earlier, which brought an extremely negative and different number than expected. The forecast was for 207k new private sector jobs to be created in the US, but the actual figure was -301k jobs. This important difference is likely to end up being reflected in the Non-Farm Payrolls data to be released on Friday. From a technical point of view, USDMYR is lateralized and could resume its uptrend if it manages to break above the 4.2050 level, which could take the price to 4.2450, an important region of resistance. On the other hand, if the USDMYR breaks below 4.1715, the price could fall as low as 4.1350 in a few days.