The US Dollar rose +0.19% against the Ringgit this Monday and is now trading at 4.7240. Despite the upward movement, the main sentiment in the market is one of indecision, due to a weak macroeconomic agenda. From a technical point of view, USDMYR is at an important resistance region on the daily chart. Today’s candle shows buying interest and if the price manages to break above 4.7300, it could rise to 4.7750. Despite this, the Relative Strength Index (RSI) indicator is at 69.79 and readings above 70 tend to show exhaustion of the buyers and a downward movement may begin in the coming days. If the price manages to break below 4.7000, it could fall to the 4.6500 region in a few days. Investors should pay attention to the decision on the Ringgit interest rate, to be released on Wednesday (currently at 3% per year). S&P Global US Manufacturing PMI data could also significantly move the market on Wednesday.
USDMYR Technical Analysis
