USDMYR Technical Analysis

The Dollar is falling against Ringgit this Thursday and is now trading at 4.1970. This appreciation of Ringgit comes due to the lessening of political tensions in Malaysia, as the new prime minister, Ismail Sabri, extended an olive branch to the opposition this Wednesday. This is a clear demonstration of the desire to work together with the opposition to address current local problems. Cooperation between the government and the opposition would bring more stability and confidence in Malaysia’s political future. From a technical point of view, the USDMYR may continue to fall towards the 4.1750 level, where it may find some temporary support.