USDMYR Technical Analysis

The US Dollar remains undecided against the Ringgit this Thursday and is now trading at 4.6790. The sentiment of indecision is clear with the candle on the daily chart, which shows little gain in relation to the opening price (up 0.04%), but at the same time, a small shadow to the upside. From a technical point of view, USDMYR is in an important resistance region on the Daily Chart, which has been going on since June 27th. The most recent candles begin to show a gradual entry of selling force, which could mean a downward movement over the next few days. The possible downward movement will be confirmed if the price manages to break below 4.6700, which could cause USDMYR to fall to 4.6350 and 4.5750 in a few days. On the other hand, if the price manages to break above 4.6900, the USDMYR could resume its upward movement and rise to 4.7400 by the end of the year.