USDMYR Technical Analysis

Earlier in the day, the US Dollar rose against the Ringgit, to later fall again, showing the feeling of indecision, and is now trading at 4.4510. The lateralization is due to a weak macroeconomic agenda on Tuesday. Later the market may gain a little more direction with the release of Consumer Confidence data to the US. But the most important macroeconomic element this week is the interest rate decision for the USD, which comes out on Wednesday. The market is expecting the rate to rise from 1.75% to 2.5%, which could push the USDMYR higher. It is likely that the market will not move much until the interest rate is released by the FED. From a technical point of view, USDMYR is at its highest point since 2017, close to a historic resistance on the daily chart. From a technical point of view, if the USDMYR manages to break below 4.4470, it could drop as low as 4.3630 in a few days.