The US Dollar fell -0.72% against the Ringgit this Thursday and is now trading at 4.6700. The downward movement comes after the Federal Reserve (FED) decided to keep the USD interest rate unchanged yesterday at 5.5%. Furthermore, the FED also signalled that it should start gradually reducing the interest rate in 2024, as inflation in the US is increasingly under control. From a technical point of view, today’s downward movement can be seen as the market retracement following the bullish breakout of the triangle on the daily chart. If the price stops at 4.6500 and then manages to break above 4.7100, it could rise as high as 4.7500 in a few days. On the other hand, if the price manages to break below 4.6450, USDMYR could fall to the 4.5750 region in a few days.
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© 2019 High Leverage FX - All Rights Reserved.