The US Dollar rose slightly against the Ringgit on Wednesday and is now trading at 4.4540. The movement at the beginning of the day was up, and then half of what had gone up fell, characterizing indecision. This feeling of indecision is normal due to the market’s expectation of the interest rate decision for the USD later. The market expects the interest rate to rise from 1.75% to 2.5%. If that actually happens, the USDMYR could go even higher. Until the FED’s decision, it is possible that the market will be sideways and without direction and this is marked by the fact that today’s candle was not able to break above the high or below the low of the candle on July 19th. From a technical point of view, if USDMYR manages to break below 4.4470, it can drop to 4.3650. On the other hand, a breakout above 4.4600 could pave the way for the USDMYR to rally as high as 4.5000 in a few days.
