The US Dollar rose slightly against the Ringgit on Thursday and is now trading at 4.4500. The upward movement was small and does not characterize great volatility, as the market was quiet and sideways due to a weak economic agenda. From a technical standpoint, USDMYR is in an important resistance region on the daily chart and an entry of bearish strength could signal the start of a more intense bearish move. According to the Relative Strength Index indicator, USDMYR is also in an overbought region and a bearish move could start soon. A selling force ignition can be characterized if the price manages to pass below 4.4450.
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© 2019 High Leverage FX - All Rights Reserved.