The US Dollar fell -0.34% against the Ringgit this Monday and is now trading at 4.6550. The recent downward movement happens within a triangular formation on the daily chart. If the price manages to break below the support line at 4.6450, USDMYR could fall towards the 4.5750 region where it will find a key support level. Throughout this week, investors should pay attention to the release of ADP Nonfarm Employment data on Wednesday, as this indicator can give an overview of the US job market. This indicator measures the job creation in the private sector and it is seen as a preview of the Nonfarm Payrolls (NFP). On Friday, the release of NFP data could significantly move the market as this is the main way of understanding the labour market in the US. It is important to note that when there is important economic news scheduled for the week, the market tends to be quieter in the days leading up to the news, as many investors adopt a more cautious stance due to the data that will be released in the following days. This often has the effect of reducing volatility before the news.
USDMYR Technical Analysis
