The US Dollar rose +0.13% against the Ringgit this Tuesday and is now trading at 4.6610. The release of data from the U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI) was higher than expected (52.7 current vs 52 forecast) and that is why the USD appreciated a little today. Despite the upward movement, the main market sentiment is one of indecision as USDMYR rose to the 4,6680 at the beginning of the session, just to fall back again afterwards. The USDMYR also remains trapped within a triangle formation on the daily chart. If the price manages to break below 4.6350, it could fall to the 4.5750 region in a few days. On the other hand, if it breaks above 4.6900, it could rise to the 4.7500 region in a few days. Investors should pay attention to the release of ADP Nonfarm Employment data tomorrow, as this indicator is seen as a preview of Nonfarm Payrolls and an excellent way to understand the US job market.
USDMYR Technical Analysis
