The US Dollar rose +0.19% against the Ringgit this Monday and is now trading at 4.7340. The upward movement comes after breaking resistance at 4.6800 on the daily chart. This resistance (4.6800) is important because it has managed to hold the price below it since November 11, 2022. From a technical point of view and due to the break of the previously mentioned resistance, USDMYR appears to be on its way to touching the all-time high, at 4.7475. When the price touches this region (4.7475), it is possible that there will be an important entry of the selling force, which could push the price towards the 4.6800 level again. Investors should pay attention to the release of Core Retail Sales data for the US tomorrow, as this indicator measures the change in the total value of sales at the retail level in the US, excluding automobiles and it is an important indicator of consumer spending. A bearish scenario may set in only if the price manages to break below the 4.6800 resistance now turned into a support level.
USD/MYR Technical Analysis
