USDMYR Technical Analysis

The US Dollar is flat against the Ringgit on Tuesday and is now trading at 4.4000. The indecision move comes in part due to the Juneteenth holiday, which has kept US stock markets closed. However, another reason is the fact that US monetary policies keep tightening more and more to contain inflation, which could push the USDMYR higher. Despite this, USDMYR finds itself in an important resistance region on the Daily chart (4.4000), which could push the price lower. As there are 2 contradictory elements, the market tends to be undecided until new information comes in. From a technical point of view, USDMYR has recently been above 70 on the relative strength index indicator, which shows possible buyer exhaustion, and a downward move is likely to begin soon.