USDMYR Technical Analysis

The US Dollar remains locked within sideways lateralization against the Ringgit on Wednesday and is now trading at 4.1800. The sentiment of indecision remains, in part because the market is already giving signs that it has priced in the recent events of the Russian invasion of Ukraine. Another element that has caused the feeling of indecision in the market is a weak macroeconomic agenda for today. Investors will pay close attention to the Unemployment rate for Malaysia, due later. From a technical point of view, USDMYR needs to break above 4.1900 to resume the bullish move in which case the price can move up to 4.2400. Or break below 4.1750 to continue the downward movement, which can take the price up to 4.1400.