USDMYR Technical Analysis

The US Dollar made a small bullish move against the Ringgit on Tuesday and is now trading at 4.1835. Investors will be looking at the unemployment rate data for Malaysia to be released later. The unemployment rate currently stands at 4.3%, one of the lowest levels since the beginning of the pandemic. If the reading comes in lower than expected, it could favour Ringgit in the short to medium term. On the US side, the Dollar remains undecided, largely due to the tensions between the US and Russia over Ukraine. From a technical point of view, USDMYR is lateralized and a break above the 4.2050 level could pave the way for a rally to 4.2450. On the other hand, a breakout below 4.1700 could make the USDMYR to fall to the 4.1370 in a few days.