USD/MYR Technical Analysis

The US dollar rose against the ringgit on Friday and is now trading at 4.4260. The recent bullish move comes after the release of data on Initial Jobless Claims that brought a reading slightly above expected, but still in line with the real numbers before the beginning of the pandemic. This shows that the US economy is currently optimistic. Another element that made the dollar appreciate was that the Prime Minister of England resigned, and this adds a degree of uncertainty to the political and macroeconomic scenario in the world. Investors continue to wait for the release of US employment data coming out later on Friday. If the US unemployment rate comes in line as expected, it could make the dollar appreciate even more. From a technical point of view, USDMYR is in an important resistance region. A downward movement can start at any time.