USDMYR Technical Analysis

The US Dollar continues to weaken against the Ringgit on Wednesday and is now trading at 4.7340. Despite the downward movement, the market has shown low volatility, and this is due to a weak economic agenda. From a technical standpoint, considering that the USDMYR has made a major bullish move in the past few months and has entered an important resistance region on the daily chart, it is possible that a bearish move will occur in the next few days. The double top formation on the daily chart also signals the inability of buyers to continue pushing the market higher, which is characterized as exhaustion. The next points of interest that can act as support on the daily chart are at 4.7100 and 4.6500.