The US Dollar is up +0.15% against the Ringgit on Wednesday and is now trading at 4.6690. Despite the recent bullish movement, the USDMYR is showing signs of indecision as today’s candle failed to break above the high or below the low of yesterday’s candlestick. This type of pattern is called an inside bar formation and is one of the patterns that signals indecision. Part of the sentiment of indecision is due to a weak economic agenda for today. Investors should pay attention to the Federal Reserve (FED) chairman’s speech tomorrow, as he may drop hints on monetary policy for the US in the future. Other important elements for tomorrow are the release of the US GDP for the first quarter of 2023 and the Unemployment Claims. From a technical point of view, if USDMYR manages to break below 4.6550, it could drop to the region of 4.5800 and 4.5250.
