USDMYR Technical Analysis

The US Dollar barely moved against the Ringgit on Tuesday and is now trading at 4.3705. Recent statements by Federal Reserve (FED) chairman Jerome Powell show that the US Central Bank remains committed to keeping inflation under control, even with measures considered not so popular. This could signal that US monetary policy may remain tight for some time to come, which could give the USD renewed strength over the next few days. From a technical point of view, USDMYR is in a support region on the daily chart and the Relative Strength Index (RSI) shows a reading at 31 – readings below 30 is considered oversold. If the price manages to break above 4.4060, it is possible that it will enter an uptrend over the next few days.