The US Dollar showed signs of indecision against the Ringgit on Monday and is now trading at 4.6470. The indecision is evident due to the formation of a candlestick on the daily chart, which shows buying force early in the session, only to bounce back and now USDMYR is trading close to the opening price. The indecision sentiment is due to a weak macroeconomic agenda for this Monday and many investors are awaiting the release of various news data for the USD starting on Wednesday. From a technical point of view, as USDMYR is trading above the resistance zone on the Daily chart, it is possible that the price will move up to 4.6850, where it should find an important resistance region. Many experts are already starting to point to a possible inflationary scenario in the US, which could end up putting pressure on the Federal Reserve (FED) to raise interest rates for the USD again. If this indeed happens, the USDMYR could reach the all-time high region at 4.7450 in some weeks.
