The US Dollar rises +0.26% against the Ringgit this Wednesday and is now trading at 4.6800. The upward movement comes amid statements by the president of the Federal Reserve (FED), Mr. Jerome Powell, and due to the intense downward movement since October 23rd. USDMYR might climb towards the 4.7100 region in the coming days, where it should encounter important resistance on the daily chart. Depending on how the price behaves in this region (4.7100), USDMYR could resume its downward movement and fall to the 4.5700 region in a few days. An important element to be highlighted is that the Relative Strength Index (RSI), which measures overbought and oversold situations, reached a reading of 27.01 on the November 6th candle. Readings below 30 tend to show sellers’ exhaustion and a possible move higher to follow, which is what happened. Investors should pay attention to Mr Powell’s speech tomorrow, which should give tips on US monetary policy for the coming months.
USD/MYR Technical Analysis
