USDMYR Technical Analysis

The US Dollar gained some strength against the Ringgit on Thursday and is now trading at 4.1850. The bullish move comes amid US sanctions on Russia and a ban on buying Russian oil from the US. At the same time, the US turned its interest to possibly buy oil from Venezuela and it already started thinking about lifting some of the previously imposed sanctions. The bullish movement may also have happened due to market anticipation because of the possible USD interest rate hike next week. If the Fed raises the interest rate, this could appreciate the dollar in the short and medium term. From a technical point of view, a true break above the resistance at 4.1900 could make room for the USDMYR to rally as high as 4.2400 in a few days.