The US Dollar was down -0.24% against the Ringgit on Thursday and is now trading at 4.6430. The downward movement happens as a natural reaction of the market to the upward movement that happens since July 31st. The USDMYR accumulated a 3.51% increase in this period. From a technical point of view, as USDMYR managed to break below the low of the previous candlestick, it is possible that the price will retract to the region of 4.5750, where it can find support. Another important element to note is that the USDMYR has just touched a major downtrend line on the daily chart. This line joins the top of the 4th of November 2022 with the top of the 26th of June 2023 and the high of the 23rd of August 2023. If the price manages to break below 4.5750, it can drop to 4.5050 in a few. Investors should pay attention to FED Chairman Jerome Powell’s statement tomorrow, as his speech could hint at next steps in monetary policy.
