USDMYR Technical Analysis

The US Dollar remains undecided against the Ringgit on Friday and is now trading at 4.7130. The sentiment of indecision is due to the release of mixed data regarding the US economy. Core Durable Goods for the month of September came in well below expectations (-0.5% real versus 0.2% forecast) and this tends to be negative for the USD. The GDP reading for the 3rd quarter came in above expectations (2.6% real versus 2.4% forecast) and this tends to be positive for the USD. And the reading of the Initial Jobless Claims data came in slightly lower than expected (217k real versus 220k forecast), but not enough to make the dollar to rise. The market had also been waiting the release of the interest rate decision for the Euro, which caused low volatility until the release. Because of such mixed data, USDMYR remains undecided. From a technical point of view, because of touching the resistance region, USDMYR has a chance to drop as low as 4.6290 in a few days.