The US Dollar rose +0.21% against the Ringgit at the beginning of the session, only to fall again throughout the day and now trades roughly at the opening price of 4.7238. The main sentiment in the market is rejection, caused by the selling force and this is evident due to the shadow that the candle leaves upwards on the daily chart. From a technical point of view, USDMYR begins to show signs of a fake breakout of the resistance region on the daily chart at 4.7200. A false breakout occurs when the price temporarily passes a resistance region and then immediately returns back. The Relative Strength Index (RSI) indicator is at 69.70 and readings above 70 tend to show buyer exhaustion. A broader downward movement could be confirmed if the price manages to break below 4.7130. Investors should pay attention to the Ringgit interest rate decision later, as this could move the market significantly.
USDMYR Technical Analysis
