USDMYR Technical Analysis

The US Dollar continues to rise against the Ringgit on Tuesday and is now trading at 4.4830. The recent bullish move has already managed to surpass the 2020 high at 4.4500 and is now heading towards the 2017 high at 4.5000. Monday had a rather weak economic agenda. Investors will have a better view of the market after the release of New Home Sales data for the month of July (forecast 575k), which should provide more details on how the US real estate sector is doing. From a technical standpoint, due to the major bullish movement over the past few months, it is possible that the USDMYR will make a bearish retracement over the next few weeks. The main resistance point on the daily chart is at 4.5000, which is close to the all-time high on the USDMYR. If the price manages to break below 4.4700, it could make room for a bigger pullback to the 4.3600 region in a few weeks.