USDMYR Technical Analysis

At the start of this Wednesday’s session, the US dollar rose sharply against the Ringgit, only to later return most of what it won, leaving an important shadow to the upside. At this time USDMYR is trading at 4.4530. Investors appear to be apprehensive due to the US employment data due out on Friday, the Non-Farm Payroll. Despite high inflation in the US, the job market remains heat and at the lowest levels since the beginning of the pandemic. From a technical point of view, the USDMYR is in an important resistance region on the daily chart. The last candlesticks have also shown a large accumulation of shadows to the upside, showing that buyers are weak and are not able to maintain buying pressure. if the price manages to break below 4.4470, it can drop to 4.3650 in a few days.