USDMYR Technical Analysis

The US Dollar rose against the Ringgit on Wednesday and is now trading at 4.4530. The main sentiment in the markets was indecision due to a low macroeconomic agenda. The holiday in India and Singapore were other elements that caused low interest in the financial market, especially Asia. From a technical point of view, the candles in the daily chart for the USDMYR are accumulating important shadows to the upside showing that the selling pressure is on. Due to the major bullish movement of the last few months it is possible that the USDMYR will enter a bearish move if it manages to break below 4.4470. The downward movement projection can bring the price to the 4.3650 level.