The US Dollar rose +0.48% against the Ringgit this Tuesday and is now trading at 4.6900. The upward movement comes as a continuation after the breakout of the downtrend line on the daily chart yesterday. From a technical point of view, USDMYR could rise to the 4.7050 level in the coming days, where it should encounter an important resistance region. The Relative Strength Index indicator (RSI) is reading 63.1 at the moment. Readings above 70 tend to show that the market is in an overbought situation and that buyers are likely getting tired. Therefore, if the price rises to the 4.7050 level (the resistance region) and the RSI marks a reading above 70, it is possible that USDMYR will begin to decline over the next few days. From a macroeconomic point of view, investors should pay attention to the release of the US Core Retail Sales data tomorrow, as this information has a major impact on the perspective about inflation and the future of the monetary policy adopted by the Federal Reserve (FED) in the coming months.
USDMYR Technical Analysis
