USDMYR Technical Analysis

At the beginning of the trading session, the US dollar rose sharply against the Ringgit, only to later fall and give back everything it had won earlier in the day. The USDMYR is trading at 4.4550. The ISM PMI data for the USD came in much higher than expected and that was the reason the USDMYR was higher at the beginning of the session. However, the tension between China and the US caused a devaluation of the USD. Investors remain apprehensive in anticipation of the Non-Farm Payrolls data, which will be released on Friday. From a technical point of view, the accumulation of upside shadows on the daily chart candles shows an important rejection of bearish strength. If the price manages to break below 4.4470, the USDMYR could drop as low as 4.3650 in a few weeks.