The US Dollar rose +0.29% against the Ringgit this Tuesday and is now trading at 4.7298. The upward movement comes after the release of US Building Permits data for the month of February, which came in higher than expected (1.518M actual against 1.500M forecast). Building Permits measure the change in the number of new building permits issued by the government and it is a good indicator of demand in the housing market for the next few months. Higher than expected readings (like today’s) tend to be positive for the USD. From a technical perspective, USDMYR is facing an important resistance region on the daily chart at 4.7300. If the price manages to break above 4.7400, it could rise to the all-time high region at 4.7900. On the other hand, if the price manages to break below 4.7150, it could fall towards the 4.6750 level in the coming days.
USDMYR Technical Analysis
