The US dollar fell -0.48% against the Ringgit this Monday and is now trading at 4.7202. The recent downward movement comes after USDMYR touched the most important resistance region in recent years at 4.7900. The price showed a strong fake breakout signal on the daily chart. The Relative Strength Index (RSI) indicator also showed the exhaustion of the buying force and the breakout below the support level at 4.7700 signalled the entry of selling force. As USDMYR also managed to break below 4.7350 and the last few candles have shown increasing speed to the downside, it is possible that USDMYR will fall towards the 4.6850 region over the next few days. Investors should pay attention to the release of ISM Non-Manufacturing PMI data for the month of February tomorrow. On Wednesday ADP Nonfarm Employment data could provide a good landscape of the US job market.
USDMYR Technical Analysis
