Technical analytics

USDMYR market technical outlook

Daily chart:

The pair is being traded within the lower Bollinger bands. Thus we can expect further decline of the quotes in direction 4.1454 (lower Bollinger band).

ADX indicator corrects, therefore an upward bounce will be likely from the mentioned support.

H4-chart:

Locally a strong bearish pressure is kept (watch active ADX), that also speaks for further downward movement in direction of the 4.1454 level.

H1-chart:

Hourly chart also undergoes the pressure of sellers. A level of probable short correction might be the dynamic resistance 4.1737 (middle Bollinger band), from where we can consider short-trades.

Expectations:

Decline in direction 4.1454. Prior pullback towards 4.1737 may take place.

Trading recommendations:

Shorts from the 4.1737 level towards 4.145

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