USDMYR Technical Analysis

The US Dollar continues to rise against the Ringgit, albeit at a slower pace, and is now trading at 4.3935. The bullish move in the US currency comes amid growing tension in Asia surrounding North Korea’s military exercises which have put the US to conduct military exercises along with South Korea as well. From a technical point of view, USDMYR is in an important resistance region on the Daily chart, which was only tested in April 2020. This region of interest has the power to hold the USD in the short term. Even so, given the scenario of inflation and a policy of economic tightening, the USD may continue to appreciate in the medium and long term. A bearish retracement could bring the USDMYR down to the 4.3160 level before resuming the bullish move.