USDMYR Technical Analysis

The US Dollar was down -0.11% against the Ringgit on Tuesday and is now trading at 4.4900. The downward movement comes after the release of US Core Retail Sales data for the month of April, which came in line with expectations (+0.4%). Although the reading was positive, when it comes in line with expectations, many investors take advantage of the news to exit previous positions and rebalance their portfolios. From a technical point of view, the USDMYR could drop as low as the 4.4700 region where it might find a temporary support point. The break above 4.5050 could take the price up to 4.5750 in a few days. An alternative scenario will happen if USDMYR manages to break below 4.4650, which could open space for a drop to 4.3650.