USDMYR Technical Analysis

The US Dollar was up 0.3% against the Ringgit on Wednesday and is now trading at 4.2150. The recent upward movement is due to the rise in the USD interest rate and statements by Fed Chairman Mr. Powell, who says inflation is higher than expected and the Fed will use all the tools at its disposal to maintain price stability in the economy. From a technical point of view, as USDMYR managed to break above 4.2050, it is now likely to move up to 4.2450 over the next few days. Resistance at 4.2450 is an important resistance region and the price may pull back a bit after touching this area. A break above 4.2450 could pave the way for the USDMYR to rally as high as 4.2900 in a couple of months.