The US Dollar is up +0.11% against the Ringgit on Thursday and is now trading at 4.6480. The upward movement, although small, is caused by the release of the US Existing Home Sales data, which came in higher than expected (4.3M real against 4.25M forecast) and this tends to be good for the dollar. This report helps to gauge the strength of the U.S. housing market and is a key indicator of overall economic strength. Another macroeconomic data released today was the Initial Jobless Claims, which came very close to expectations (264k real against 260k forecast) and therefore did not have a major impact on the USDMYR price. From a technical point of view, despite the upward movement, today’s candlestick failed to break above the high or below the low of yesterday’s candlestick. When a candlestick gets stuck between the high and low of the previous day, this is called an inside bar and is seen as an indecision pattern. If the price manages to break below 4.6300, it could drop as low as 4.5750 in a few days, where it should find a support region.
