USDMYR Technical Analysis

The US Dollar is down 3.32% against the Ringgit since last week and is now trading at 4.5925. The bearish move comes as a natural market reaction due to the long bullish move the USDMYR had accumulated since December 2020. The European and US PMI data came in higher-than-expected last week, which caused a wave of optimism at a global level. Because of this, investors felt more comfortable taking risky assets like stocks and selling USD. From a technical point of view, the USDMYR was in an extremely overbought region and testing the high since 1998. Over the next few days it is possible that the USDMYR will rebound and rise to 4.6300 and then resume its downward movement.