USDMYR Technical Analysis

After several consecutive days of the bullish movement, the US Dollar dropped against the Ringgit on Wednesday and is now trading at 4.3880. The downward movement is due to a reflection of the previous extensive bullish movement as well as touching an important area of resistance on the daily chart. The Core Retail Sales data brought in a higher-than-expected reading, which tends to be positive for the USD. However, as this was already priced in and USDMYR was overbought, the effect was the opposite of what was expected. From a technical point of view, USDMYR is likely to drop to 4.2900 in the next few days, where it could find some support.