The US Dollar is down -0.13% against the Ringgit on Wednesday and is now trading at 4.6270. The downward movement is due to the release of Building Permits data for the US, which came in below expectations (1,442M real against 4,463M forecast). Building Permits is a macroeconomic indicator that measures the change in the number of new building permits issued by the government, and it has a major impact on the GDP. From a technical standpoint, USDMYR has just touched an important resistance region on the daily chart at 4.6350. Today’s candlestick shows rejection of the selling force, and a downward movement could happen if the price manages to break below 4.6130. If that happens, USDMYR could drop as low as the 4.5750 region over the next few days. An alternative scenario could happen if the price manages to break above 4.6450, which could open space for USDMYR to move up to 4.6850 and 4.7450.
