USD/MYR Technical Analysis

The US Dollar was up against the Ringgit on Wednesday and is now trading at 4.4180. The recent bullish move is due to uncertainties surrounding Russia’s new offensive in Ukraine and this has caused the US dollar to rise against all other currencies. However, the market remains in a state of indecision awaiting the release of the ADP Non-Farm employment change data to be released on Wednesday. This is important data because it shows the situation of the US labour market in the last month. The final and most important data will come out on Friday with the release of the Non-Farm Payroll. The expectation is that 268k new jobs have been created. From a technical point of view USDMYR is in an important resistance region. If the USDMYR manages to break below 4.4050 it could drop to 4.3860.