USD/MYR Technical Analysis

Today, the US dollar lost ground against the Malaysian ringgit after former Federal Reserve chair and current Secretary of the Treasury, Janet Yellen, said that the United States will likely need to raise interest rates sooner than expected to contain the heating of the economy. Later she went public and said that she did not mean any change in the interest rate in the short time. The last two days have been bullish for the Dollar and it broke above the 4.1050 level. Now a retracement to the downside is taking place to retest the 4.1050 broken level. This former level of resistance can now become support and push the price to the 4.1500 in the next few days.