The US Dollar rises +0.24% against the Ringgit this Wednesday and is now trading at 4.6860. The recent upward movement comes after the release of the Crude Oil Inventories data, which came in much lower than expected (-1.536M actual against +0.900M forecast) and this tends to be positive for the USD. From a technical perspective, USDMYR is at an important support region near the 200-period Simple Moving Average on the daily chart. The price is also close to the 61.8% Fibonacci level and the Relative Strength Index (RSI) indicator showed a reading at 29.37 yesterday (readings below 30 tend to show sellers’ exhaustion). Today’s candle is a bullish engulfing pattern, which could signal the entry of buying force. USDMYR could rise towards the 4.7150 region over the next few days.
USDMYR Technical Analysis
