USD/MYR Technical Analysis

The US Dollar rose slightly against the Ringgit on a trading day with low volatility due to the Martin Luther King Jr holiday in the US. USDMYR is trading at 4.1820 at the moment. The downward movement in USDMYR over the past few days appears to have found a support region at 4.1730. The US inflation data is the highest in 40 years and this suggests at least 3 interest rate hikes for the USD in 2022, which has the potential to make the USD appreciate against its counterparts and against the Ringgit. Thursday’s interest rate decision for Malaysia could help set MYR’s direction in the coming months, although the interest rate is expected to remain unchanged. From a technical point of view, if the price manages to break above 4.1870, it can move up to 4.2400 in a few days.