The US Dollar continues its downward movement against the Ringgit this Tuesday and is now trading at 4.6500. The downward movement follows the fake breakout of the resistance region that has occurred in recent days on the daily chart and today was amplified by the release of Existing Home Sales data for the month of October, which came in lower than expected (3.79M actual vs 3.9M forecast). This indicator measures the change in the annualized number of existing residential buildings that were sold during the previous month and helps investors understand how the US real estate market is going. Lower than expected readings (like today’s) tend to be negative for the USD. From a technical point of view, USDMYR has a chance of falling towards the 4.5750 region over the next few days, where the price should find an important support region. Investors should pay attention to the release of Core Durable Goods and Initial Jobless Claims data tomorrow, as these numbers could move the market. Investors should also pay attention to the Thanksgiving holiday in the US on Thursday and on Friday.
USD/MYR Technical Analysis
