The US Dollar remains undecided on Monday and is now trading at 4.4280. The sentiment of indecision happens due to the US holiday – Washington’s Birthday. Due to the low participation of professional traders, when it is a holiday in the US, volatility tends to be greatly reduced. Even so, in recent weeks the USDMYR has shown an important upward movement and is currently in a resistance region, around 4,4300. This resistance region coincides with a 200-period Moving Average approached by the price from below. When this happens, the Moving Average tends to work as resistance. This could cause USDMYR to drop towards the 4.3600 region. From a macroeconomic standpoint, traders may be looking forward to the US FOMC Meeting Minutes data, to be released on Wednesday as it should provide direction regarding the next steps in US monetary policy.
