The US Dollar fell -0.22% against the Ringgit this Wednesday and is now trading at 4.6388. The downward movement comes after the release of Crude Oil Inventories data, which came in well above expectations (-0.675M forecast against 1.338M actual). As this indicator measures the number of barrels of oil held by American companies, higher-than-expected readings (like today’s) tend to show that consumption was lower than expected and this tends to be negative for the USD. From a technical point of view, USDMYR has just touched an important resistance region on the daily chart and the fact that today’s candle managed to break below the low of yesterday’s candle shows a selling interest in USDMYR. It is possible that the price will fall to the 4.5850 region over the next few days. Investors should pay attention to the release of the US Consumer Price Index (CPI) data tomorrow, as this could move the market significantly.
USDMYR Technical Analysis
