USDMYR Technical Analysis

The US Dollar is down 0.21% against the Ringgit today and is now trading at 4.2030. The drop in USDMYR comes amid concerns over the release of GDP data, which brought a lower-than-expected reading (6.9% real against 7.1% forecast). As the price managed to break below the 4.2060 level, there is a good probability that the selling force will continue to dominate the market over the next few days. The next support point is near the 4.1750 region where USDMYR may find temporary support on the daily chart. Any signal of buying pressure on that level (4,1750), could mean the resumption of an uptrend. Still, the market is unlikely to make any major move until Friday’s employment data release of the Non-Farm Payrolls.