The US dollar falls -1.97% against the Ringgit this Monday and is now trading at 4.6330. This is the biggest drop in a single day since January 2016 and the downward movement occurs as a market reaction to the intense upward movement of the last few weeks. On October 23rd, the USDMYR was traded at 4.7925, the highest price ever and the downward movement of the last few days marks the fake break of an important resistance region on the daily chart. Over the next few days, the USDMYR could fall to the 4.5650 region, where it should find temporary support. The USDMYR could fall towards the 4.5000 region over the next few months before resuming its upward movement. Investors should pay attention to the Initial Jobless Claims data to be released on Thursday, as this indicator may give an idea of the US job market. Another important element to remember is the speech by the president of the Federal Reserve (FED), Mr. Jerome Powell, on Tuesday and Wednesday, as he will be able to give tips on the next steps of monetary policy to be adopted in the USA.
USD/MYR Technical Analysis
