USDMYR Technical Analysis

The US Dollar was up +0.4% against the Ringgit on Monday and is now trading at 4.4950, the highest price since March 20th. The bullish move also marks the start of the breakout of the resistance region on the daily chart at 4.4700. It is now possible for the price to pull back to 4.4800 where the 200-period Simple Moving Average is and then resume the upward movement. Confirmation of buying force will happen if USDMYR manages to move above 4.5000 in the next few days. A bullish move could take the USDMYR as high as 4.5800 in a few days. An alternative bearish scenario could happen if the USDMYR manages to break below 4.4700. In that case the price may drop as low as 4.3900 in a few days. From a macroeconomic standpoint investor may be awaiting the release of Retail Sales data tomorrow.