USDMYR Technical Analysis

The US Dollar rose +0.11% against the Ringgit this Tuesday and is now trading at 4.6880. The upward movement comes amid the release of some important macroeconomic data for the USD. The U.S. CB Consumer Confidence came in slightly lower than expected (103 actual versus 105.5 forecast). Lower than expected readings tend to be negative for the USD, but as the difference was small, the market maintained the bullish direction from the previous days. The New Home Sales data for August also came in slightly lower than expected (675k actual against 700k forecast). It seems that the market continues to believe in a rise in interest rates during the next Federal Reserve (FED) meetings. From a technical point of view, despite the upward movement today, the market has not yet managed to break above the lateralization of the last few days. A bullish move could happen if USDMYR manages to break above 4.6970 in the coming days.