USDMYR Technical Analysis

The US Dollar was down just 0.13% against the Ringgit on Tuesday and is now trading at 4.4700. The day was mainly characterized by low volatility, and this is due to the fact that the market was waiting for the speech of the chairman of the Federal Reserve (FED) Mr Jerome Powell. Among other things, Mr. Powell reaffirmed his commitment to keeping inflation under control and said he would use all of the Fed resources to maintain price stability. Some experts are already predicting another hike in the USD interest rate at the next meeting, scheduled for March 22nd. The expectation is that the interest rate may rise from the current 4.75% to 5.25% at the next meeting and that it may reach 6% in the second half of this year. Based on this, it is possible that the USDMYR will rise tomorrow, breaking the resistance region where it is at the moment. From a technical point of view, if the resistance is broken on the daily chart, it is possible that the USDMYR will rise to the levels of 4.5350 and 4.5800.