The US Dollar rises +0.46% against the Ringgit this Thursday and is now trading at its highest price since January 1998, at 4.7640. The move higher comes after the breakout of daily chart resistance at 4.6800. The Initial Jobless Claims data came in lower than expected (198k real against 212k forecast) and this tends to be positive for the Dollar. However, Malaysia’s Trade Balance numbers for the month of September were much higher than expected (24.5B real against 22.7B forecast) and this could be very positive for the MYR over the next few days. From a technical point of view, USDMYR is in a very important resistance region on the daily chart, which is the November 2016 high. Furthermore, the Relative Strength Index (RSI) indicator shows a reading of 72.71 (readings above 70 tend to show exhaustion of the buying force). Considering all these elements, it is possible that USDMYR will begin a downward movement in the coming days, which could cause the price to fall to the 4.6800 region in a few days.
USD/MYR Technical Analysis
