The US Dollar rose +0.21% against the Ringgit this Tuesday and is now trading at 4.7160. The upward movement occurs as a natural market reaction after the intense downward movement that took place between October 23rd and November 6th, when the USDMYR accumulated a drop of 3.38% in just a few days. Another element that caused the USDMYR to rise this Tuesday was the release of Consumer Price Index (CPI) data for the USD, which came in slightly lower than expected (3.2% real against 3.3% forecast). Lower than expected readings tend to be negative for the USD, but as the difference between expectation and reality was very low, the USDMYR rose a little. The current price is at an important resistance region on the daily chart and if the price manages to break below the 4.7000 level, it could fall to the 4.6350 and 4.5800 region in a few days.
USD/MYR Technical Analysis
