Technical analytics

USDMYR market technical outlook

Daily chart:

Growth of the quotes continues in direction of upper Bollinger band (4.1932). Here we have a very strong dynamic resistance, which most likely will drive to a stop and perhaps to a reversal (watch the red trajectory).


Local ADX resides in an extremely weak zone, that may hold the quotes for a while inside Bollinger bands. Thus we can get a pullback from resistance level 4.1811 in direction of support 4.1675, where the most optimal mid-term buy entry point will reside. 


We confirm key status of 4.1811 level at upper Bollinger band: here as we see ADX is very active, therefore in case of move above this mark we might expect further upward distribution (red arrow). In case if market is unable to break this barrier, we’ll get downward correction in direction 4.1688 (black arrow).


Main scenario: Break above 4.1811 and further growth in direction 4.1932.

Alternative scenario: Decline from 4.1811 in direction 4.1688.

Trading recommendations:

  1. Above 4.1811 - longs towards 4.1932.

  2. Below 4.1811 - shorts towards 4.1688.

New articles