USDMYR Technical Analysis

The US Dollar was down 0.23% against the Ringgit on Wednesday and is now trading at 4.2085. The downward movement was, in part, due to the release of the ISM PMI data for the USD, which came in slightly lower than expected. Still, the war in Ukraine remains the main driver in the markets. From a technical point of view, the USDMYR is starting to approach 4.2050, a former support region on the daily chart. Investors will pay attention to this level as it can be the limit for sellers. Some inflow of buying strength from this level (4.2050) may signal the resumption of the bullish direction on USDMYR and then the price may seek the 4.2450 region. A breakout below 4.2050 could pave the way for the price to drop as low as 4.1400 in a few days. In the current price region, USDMYR remains sideways with no defined direction.