US Dollar vs Malaysian Ringgit edges lower as technical momentum stays mixed

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Usd/myr slides 0.58% today

Highlights

USD/MYR trades above short- and long-term moving averages but remains below its intermediate-term level, indicating mixed trend signals.
Momentum indicators are neutral to slightly bearish, with weak trend strength and modest buying intraday.
For the next five sessions, the pair is projected to move between RM4.0323 and RM4.0736, with downside risk at 65% probability.

Anton Kharitonov, expert at Traders Union, notes the session opened weak and downside pressure persists for USD/MYR. He observes that momentum remains mixed, with a fragile outlook as the pair trades below the MA-50 and signals on MACD and ADX are unconvincing. The lack of relevant news further diminishes confidence for a short-term recovery. He highlights that volatility remains elevated, while critical support at RM4.0473 now looks vulnerable. "Given the current signals and indecisive sentiment, I see limited upside and caution traders not to rely on a decisive rebound this week," Kharitonov warns.

Viktoras Karapetjanc, expert at Traders Union, highlights that longer-term bullish structure for USD/MYR remains intact as the pair holds above key moving averages. Karapetjanc sees consolidation at current levels presenting opportunities for patient buyers. The analyst is confident a move above RM4.0537 can reinforce bullish momentum and open the door to further growth. "Upside potential is still present, and current volatility gives traders room to position for new opportunities," says Karapetjanc.

Sholanke Dele, market strategist, sees weak sentiment and intraday indecision driving USD/MYR lower. He cautions that technical signals do not provide clear conviction for either side. Dele notes the sideways forecast and absence of supportive news heighten uncertainty. "Given the fragile mood and lack of strong catalysts, I remain cautious about upside prospects in the near term," he concludes.

Mixed technical signals as buyers hold modest edge

USD/MYR is trading above the 20-day moving average (MA-20) at RM4.0473 and the 200-day moving average (MA-200) at RM4.0047. It remains below the 50-day moving average (MA-50) at RM4.0687. This mixed alignment indicates short-term momentum could be fragile, but a bullish bias is visible in the longer-term structure due to the MA-50 versus MA-200 relationship. The nearest resistance is the Ichimoku Kijun at RM4.0537, and the closest support is MA-20 at RM4.0473. Momentum signals are mixed, with MACD neutral and ADX showing weak trend strength with a sell bias. RSI at 46.3, Stochastic RSI near 51, and a neutral CCI reflect neither overbought nor oversold conditions. Bull/Bear Power at 0.025 and a buy signal in the Awesome Oscillator suggest intraday buyers have a modest advantage, but the session opened flat and is now trading near the day's low, with volatility at 1.05%. Early session price action reflects indecision in trend and momentum.

Earlier, analysts noted that USD/MYR was under short-term downside pressure within a generally bearish technical environment. The current analysis signals ongoing uncertainty but highlights that a break below RM4.0473 would raise downside risks in the coming sessions.

Source of Data: USD Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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