The US Dollar fell -0.08% against the Ringgit this Thursday and is now trading at 4.7228. The downward movement comes after the Federal Reserve’s (FED) decision to keep the interest rate unchanged for the USD at 5.5% yesterday. The Initial Jobless Claims data came in higher than expected (224k actual against 213k forecast) and this tends to be negative for the USD in the short term. From a technical standpoint, USDMYR just touched a major resistance region on the daily chart at 4.7300. The Relative Strength Index (RSI) indicator was recently above 70, showing that buyers are likely tired of the bull run of the past few days. If the price manages to break below 4.7200, it could fall to the 4.6500 region in a few days. Investors should pay attention to the release of US Nonfarm Payroll data tomorrow, as employment plays a major role in the FED’s monetary policy setting.
USDMYR Technical Analysis
