USDMYR Technical Analysis

The USDMYR traded higher earlier in the session this Tuesday, only to drop slightly towards the end of the session, accumulating a +0,29% gain in the day and trading at 4,4320. The upward movement happens as a natural market reaction to the downward movement in recent days. The Building Permits data came in a little lower than expected (1,413M actual against 1,450M forecast) and this is the main element that made the USDMYR retreat at the end of the session. From a technical point of view, the USDMYR has just touched a small resistance and is currently in a sideways movement. If the price breaks above 4.4380, it could move up to 4.4750. On the other hand, a move below the 4.3850 level could open space for USDMYR to drop as low as 4.3650 in a few days.