USDMYR Technical Analysis

The US Dollar was lower against the Ringgit on Tuesday and is now trading at 4.3870. The downward move was small and started as a possible first reaction from touching the resistance region at 4.3950, the highest price since April 2020. The low volatility comes as this Monday had a weak economic schedule. Investors will pay attention to the statement by Fed Chairman, Mr. Jerome Powell, scheduled for later. This speech can provide important details regarding the next steps that the Fed will take with regard to monetary policy. Should the USDMYR confirm that it will indeed retrace from the resistance at 4.3950, the pullback could bring the USDMYR towards the 4.3118 region where it may find temporary support.