USDMYR Technical Analysis

The US Dollar was down -0.29% against the Ringgit on Tuesday and is now trading at 4.4040. The downward movement is due to the breakout of the support point that the USDMYR made on the daily chart, in the region of 4.4350. After the support breakout, this region became a resistance and now pushes the price lower. The next regions of interest for the USDMYR are 4.3850 and 4.3650. The market also appears to be slower due to the Good Friday holiday in multiple countries across the world. The release of US Non-Farm Payrolls (NFP) data also brings some uncertainty to the markets. The NFP measures the change in the number of people employed during the previous month, excluding the farming industry, and is the most important indicator of how the US job market is doing at the moment.