The US Dollar rose +0.15% against the Ringgit this Monday and is now trading at 4.7320. Despite the small upward movement today, USDMYR has not yet managed to break above the important resistance region on the daily chart at 4.7350. The Relative Strength Index (RSI) indicator reads at 70.40, giving early signs of buyer exhaustion. If the price manages to break below 4.7220, it could fall to the 4.6500 level in a few days. On the other hand, if the price manages to break above 4.7400, it could rise towards the 4.7850 region. From a macroeconomic perspective, investors should pay attention to the interest rate decision for the USD on Wednesday. This is, by far, the most important news in the financial market as it can change the flow of the money around the world. The expectation of most experts is that the Federal Reserve (FED) will keep the interest rate unchanged for the dollar and if that happens, the USDMYR could fall to the 4,7000 region in the coming days.
USDMYR Technical Analysis
