USDMYR Technical Analysis

The US Dollar continues to rise against the Ringgit and is now trading at 4.3820. The upward movement has already accumulated 4.97% since March 1st and takes place amid the tightening of the monetary policy adopted by the Fed in the last meetings to control inflation. From a technical point of view, the recent bullish move appears to be losing steam and the price could be sideways after touching the resistance region at 4.3960. A pullback could bring the price down to 4.2900 where it should find some temporary support. The most important resistance region is at 4.4480 and it is possible that the price will get there by the end of the year.