The US Dollar remains sideways against the MYR this Tuesday and is now trading at 4.6820. The sentiment of indecision occurs because the market was waiting for data from the Consumer Price Index (CPI) for the USD and this data came as expected (3.1%). The Core CPI data was also in line with market expectations (4%). When there is important news scheduled, the market tends to behave sideways before the release of official data and the greater the difference between expectations and reality, the more the market tends to move. When the data is exactly as expected (such as today), the market tends to be more indecisive. Another element that strengthens the sentiment of indecision is that tomorrow there will be the release of the interest rate for the USD. From a technical point of view, USDMYR has begun a bullish breakout of the triangle on the daily chart. Confirmation of this breakout will happen if the price returns to the 4.6600 region and then rises above 4.6850. If that happens, the USDMYR could rise to the 4.78 level in a few weeks. The market will likely be sideways until tomorrow, awaiting the Federal Reserve’s (FED) decision on the USD interest rate.
USDMYR Technical Analysis
