The US Dollar is moving sideways this Monday, July 3rd. The indecision sentiment appears as the price rose at the start of the trading session, only to fall again and is now trading at the opening price of the day at 4.6650. As tomorrow is the Independence Day of the USA, many of the US financial players will be absent, which may cause the market to remain without much volatility until Wednesday. From a technical point of view, USDMYR has gained 6.4% since March 28th. Furthermore, the price touched an important resistance region on the daily chart and the Relative Strength Index (RSI) indicator a 75.01 reading, showing an overbought situation. All these elements point to an exhaustion of buyers, which could open space for a more important bearish retracement over the next few days. If the price manages to break below 4.6550, USDMYR could drop as low as 4.5800 and 4.5250 in a few days.
