The US Dollar fell -0.13% against the Ringgit this Tuesday and is now trading at 4.6750. The release of Consumer Price Index (CPI) data was higher than expected (3.2% actual against 3.1% forecast), but as the difference between expectations and reality was small, this was not enough to strengthen the dollar. From a technical point of view, today’s downward movement marks the price touching the 200-period Simple Moving Average, which can act as a support region on the daily chart. The Relative Strength Index (RSI) indicator shows a reading below 30 for the first time since November 6, 2023. The price is also approaching the 61.8% Fibonacci level on the daily chart, which might work as support. All of these elements happening in the same place could cause USDMYR to rise over the next few days, perhaps to the 4.7150 region.
USDMYR Technical Analysis
