USDMYR Technical Analysis

The USDMYR is showing some signs of indecision on Tuesday as earlier in the trading session it dropped as low as 4.4250 and then rose as high as 4.4500, only to drop slightly and is now trading at 4.4430, with a gain of +0.18% on the day. The upward movement is due to the release of US Building Permits data released earlier and which came in higher than expected (1,430M real against 1,413M forecast). Another element that makes the USDMYR rise is the US New Home Sales data for the month of March which came in higher than expected (683k real against 630k forecast). Both indicators show that the US economy remains heated, and this made the USD appreciate. From a technical point of view, the USDMYR could move up towards the 4.4700 region where it should find a temporary resistance region formed by a broken former support and the 200-period Moving Average on the daily chart.