The US Dollar rises +0.15% against the Ringgit this Wednesday and is now trading at 4.7670. Despite the small upward movement, the market’s main sentiment is one of indecision, as today’s candle was unable to break above the high or below the low of yesterday’s candle. This is a pattern known as an inside bar, where the price action is completely contained within the previous day’s movement. The US GDP data came in slightly below expectations (3.2% actual versus 3.3% forecast), but as the difference was small, this was not enough to devalue the USD against the MYR. From a technical perspective, USDMYR recently touched an important resistance region on the daily chart. The Relative Strength Index (RSI) indicator also spent a good amount of time in the overbought zone, signalling that buyers are likely tired of the extensive upward movement of the last few days. It is possible that USDMYR could fall towards the 4.7200 region over the next few days.
USDMYR Technical Analysis
