Technical analytics

USDMYR market technical outlook

Daily chart:

Four consecutive bars beyond lower Bollinger band is a sign of correction! There is a high probability of pullback development in direction of middle Bollinger band (4.1774).

H4-chart:

Local potential of decline preserves so far: we see, that lower Bollinger band was broken and it wasn’t tested afterwards. Thus we can consider shorts from middle band (4.1543) with count on move towards 4.1196, from where in turn we might expect an upward reversal.

H1-chart:

Very low activity of ADX indicator limits intraday trading range by the scope of Bollinger bands (support 4.1200-4.1224, resistance 4.1520).

Expectations:

Flat in the 4.1200-4.1520 range.

Trading recommendations:

  1. Shorts from 4.1520 to 4.1200.

  2. Longs from 4.1200 to 4.1200.

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