USDMYR Technical Analysis

The US Dollar remains wide, stuck between Monday’s high and low, trading at 4.2130. The sentiment of indecision is due to a weak economic agenda this week. The Initial Jobless Claims data, scheduled for tomorrow, should give clearer direction for USDMYR. From a technical point of view, as USDMYR is respecting the support region of interest at 4.2050, the market is likely to show the entry of buying strength if it manages to break above 4.2200. It is necessary to remember that round numbers (quote ending in “00”, such as 4.2200) are considered levels of psychological interest and where a large number of pending orders are concentrated, so a breakout above 4.2200 can make the price move up to the next round number at 4.2300.