USDMYR Technical Analysis

The US Dollar remains undecided against the Ringgit on Thursday and is now trading at 4.4740. The sentiment of indecision is due to a weak economic agenda, as the only high-impact news for the USD released today was the Initial Jobless Claims which brought a slightly lower-than-expected reading (190k real against 195k forecast). Initial Jobless Claims measures the amount of people who applied for unemployment insurance in the previous week and as this is a weekly indicator and the reading came in almost in line with expectations, the result is low volatility in the USDMYR. From a technical point of view, the indecision sentiment reflects the importance of the resistance where the price is now, as the market will need to decide whether to break through the resistance and continue higher or resume the downward movement. If the price drops below 4.4550, USDMYR could drop as low as 4.3650 in a few days.