On a day of low market volatility due to the Juneteenth holiday, the US dollar gained ground against the MYR and is now trading at 4.6250. From a technical point of view USDMYR is in an ascending triangle formation on the daily chart, with a horizontal resistance in the region of 4.6350 and a bullish trend line linking the low of the 6th of June to the 16th of June. This is a continuation pattern that could generate more bullish movement if the price manages to break the 4.6350 region over the next few days. If that happens, the USDMYR could move up to the 4.7050 region in a few days, where it should find a key resistance region on the daily chart. An alternative scenario will happen if USDMYR manages to break below the trendline, specifically the 4.6000 level. If that happens, USDMYR could drop to the region of 4.5750 and 4.5250 in a few days.
