USDMYR Technical Analysis

The US Dollar opened the trading day with a gap of -0.75% to the downside against the Ringgit, but during today’s session, it recovered a little and is now traded at 4.3980, accumulating a drop of just -0.48%. Data from the US CB Consumer Confidence came in higher than expected (104.2 real against 101 forecast) and this shows that even in the face of inflation, the American economy is heated. Another important element to point out is that even with the increase in the interest rate for the USD, consumers remain at least partially optimistic about the economic future. This could make the USDMYR move higher towards the 4.4350 region before resuming the downward movement on the daily chart.