The US Dollar fell at the start of the trading session and was trading at 4.7478, only to rise again throughout the day and is now trading at 4.7550. The main market sentiment today is rejection, as the buying force was able to recover all the territory that the sellers had gained at the beginning of the session. The main element that caused the USD to recover against the MYR was the release of ADP Nonfarm Employment Change data for the month of March, which came in much higher than expected (184k actual against 148k forecast). The ADP is an important indicator, as it can give hints about the Nonfarm Payrolls, to be released on Friday. From a technical perspective, as USDMYR managed to break above 4.7450, it is possible that the price could continue to rise towards 4.7950 over the next few days.
USDMYR Technical Analysis
