USDMYR Technical Analysis

The US Dollar gained strength against the Ringgit on Wednesday and is now trading at 4.1840. Despite the rally, the price remains trapped inside the triangular sideways on the daily chart, unable to break through resistance or support. The bullish move in the USD appears to have been caused by Consumer Confidence data, released earlier for the USD, which brought in a higher-than-expected reading. The recent events of Russia’s invasion of Ukraine have also caused investors to seek refuge in security assets such as the USD and Gold. From a technical point of view, if USDMYR manages to break above 4.1930, it could start an uptrend and move up to 4.2450 in a few days.