After yesterday’s bullish move, the USDMYR is lateralized this Wednesday and is now trading at the same closing price as yesterday at 4.2530. The initial breakout move from the resistance could end up bringing the price back to the 4.2450 region, where the USDMYR could find a temporary support region. The Building Permits data reading came in higher than expected (1,873M real against 1,865M forecast), which tends to be inflationary for the USD and could add even more pressure to the FED’s monetary policy to raise interest rates at the next meeting. From a technical point of view, USDMYR could fall as low as 4.2450 and then resume the uptrend on the daily chart and then look for the next resistance region at 4.2900 in a few weeks.
