USDMYR Technical Analysis

Although the US Dollar rose slightly against the Ringgit on Tuesday, the main sentiment is indecision because part of the bullish movement from the beginning of the day was erased by selling pressure late in the day. The USDMYR is now trading at 4.4510. Despite this, the ISM Manufacturing PMI data for the month of July came higher than expected (52.8 real against 52 forecast) and this keeps the positive expectation about the dollar. From a technical point of view, the USDMYR has risen sharply over the past few months and currently finds itself in an important resistance region on the Daily chart. The movement of the last few days has shown a lot of flattening and a break below the 4.4475 region could make room for a drop to 4.3650 in a few weeks.