The US Dollar fell -0.04% against the Ringgit this Monday and is now trading at 4.6830. The small downward movement is characteristic of a day of indecision in the market due to low volatility. From a technical standpoint, the USDMYR is in an important resistance region that has been ongoing since June 26, 2023. The Relative Strength Index (RSI) indicator marked a reading at 72.48 on September 19, signalling possible exhaustion of buying power. If the price manages to break below 4.6800, it could fall as low as 4.6550 and 4.6300 in a few days. Investors should pay attention to US CB Consumer Confidence data for the month of September, to be released tomorrow. This is an important indicator of how domestic spending is going in the USA. A higher-than-expected reading could cause USDMYR to temporarily resume the uptrend on the daily chart.
