USDMYR Technical Analysis

The US Dollar continues to rise against the Ringgit and is now trading at 4.4025. The recent bullish move follows the release of Initial Jobless Claims data, which came in slightly higher than expected for the USD (200k forecast against 218k real), but not enough to change the trend in the Dollar. On the Malaysian side, the Trade Balance data brought a slightly higher reading than expected, but not enough to encourage investors about the MYR. From a technical point of view, USDMYR is found in a broad resistance region, between 4.4000 and 4.4480. This is the highest price in years and a selling force could appear at any time. A pullback could bring the USDMYR up to the 4.2900 region in a few days.