US Dollar vs Malaysian Ringgit edges higher as technical momentum supports bullish trend

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Us dollar vs ringgit rises 0.62% today

Highlights

USD/MYR trades above key short, medium, and long-term moving averages, confirming a bullish technical structure.
Most momentum indicators show a positive bias, but trend strength remains weak and no overbought conditions are present.
Forecasted five-day range is RM4.0663 to RM4.1312, with over 80% probability of an upward move and key resistance at RM4.1018.

Anton Kharitonov, expert at Traders Union, sees technical momentum keeping USD/MYR above major moving averages, but warns that trend strength is weak. He notes that while short-term indicators point to bullishness, the ADX signals a lack of conviction behind this move. With news events absent, Kharitonov is cautious about the depth and sustainability of current gains. He believes the pair is vulnerable if RM4.0663 is breached and volatility remains elevated. "Given the weak trend signals, any reversal below RM4.0663 could trigger further downside in USD/MYR," he says.

Viktoras Karapetjanc, expert at Traders Union, highlights that USD/MYR maintains a solid bullish structure, trading confidently above major moving averages. He emphasizes that momentum signals and strong buyer flows drive further optimism, even without supportive news. Karapetjanc believes the current setup favors additional gains with a breakout toward RM4.1018 likely. "The market’s bullish structure remains intact, and I expect further growth toward the upper end of the volatility band," he states.

Sholanke Dele, market strategist, notes buyer dominance driving the USD/MYR higher but questions the sustainability amid absent news catalysts. He points out that mixed momentum readings and low trend strength could lead to a quick reversal if buying interest fades. Dele warns that the lack of fundamental drivers increases downside risks. "Without a fundamental trigger, I see downside risks if volatility spikes or support at RM4.0663 fails," he comments.

Mixed indicator signals as pair tests resistance amid firm tone

USD/MYR is trading above the 20-day (RM4.0506), 50-day (RM4.0682), and 200-day (RM4.006) moving averages, signaling bullish momentum across the short, medium, and long terms. This alignment confirms a prevailing bullish structure, with the Ichimoku Kijun at RM4.0546 acting as support. The near-term ceiling sits at RM4.1018 and the near-term floor at RM4.0892. Momentum indicators present a mixed but mostly positive outlook: the MACD and RSI favor buying, while the ADX suggests weak trend strength. The RSI (55.1) and CCI (53.2) show no overbought or oversold extremes, and Stochastic RSI is neutral. Bull/Bear Power (BBP) is positive, indicating buyer dominance in intraday action. The pair gained RM0.0253 or 0.62% today, opening nearly flat and now trading near the session high, with intraday volatility at 0.92%. The tone remains firm with upward pressure toward resistance, aligning with most momentum signals.

Earlier, analysts noted that the US Dollar vs Malaysian Ringgit had entered a phase of strong short-term bullish momentum, driven primarily by technical factors. The current analysis reinforces this view, highlighting sustained upward pressure with a high probability of further gains, while RM4.1018 remains a critical breakout level for confirming a new bullish leg.

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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