USDMYR Technical Analysis

The US Dollar continues to decline against the Ringgit on Tuesday and is now trading at 4.1750. Russia’s recent attacks on Ukraine have caused the Euro and Pound Sterling to plummet. And in a way, it was expected that the USD would gain more value, as it is seen as a safe haven currency in times of crisis. But what happened was the opposite, with the US Dollar falling a little too, although the fall in the USD does not compare to the fall in the EUR. The recent downward movement in the USD is largely because the market was already pricing in the possible interest rate hike for the USD, which is expected to take place on March 16th. From a technical point of view, USDMYR is approaching a support point. If the price manages to break above 4.1900, it can move up to 4.2400 in a few days. On the other hand, if it drops below 4.1720, it can drop to 4.1400.