USDMYR Technical Analysis

The US Dollar was little moved against the Ringgit on Wednesday, rising just 0.18% and trading at 4.4390. The low volatility can be explained because of the FOMC Meeting Minutes data to be released later. As the FOMC brings an overview of the opinion of Federal Reserve (FED) leaders on the monetary policy to be applied in the US in the coming months, it is normal for the market to be more cautious before the release of the data. A more hawkish (monetary tightening) positioning may cause USDMYR to continue rising towards the 4.5000 region. From a technical point of view USDMYR is in a resistance region on the daily chart which was a region of interest on Dec 21, 2022. If the price manages to break below 4.4190, it could drop as low as 4.3410 in a few days.