Technical analytics

USDMYR market technical outlook

Daily chart:

Currency pair approaches to strong pivot-zone 4.1452-4.1580 (lower Bollinger band). Given the absence of ADX indicator trending activity we can suppose a high probability of upward bounce off this zone in direction of upper Bollinger band (4.2195). 

H4-chart:

Local growth of the quotes goes on the back of drop of ADX readings. Thus market scarcely will be able to go above upper Bollinger band (4.1954) today.

H1-chart:

ADX didn’t reach trending zone yet, that also confirms limited movement potential of the pair for today. The utmost level for growth is 4.1883. Though it will be enough to confirm upward reversal of the trend as mirror (bullish) pattern “Head-and-Shoulders” would be formed in this case with potential buy entry point from 4.1704. 

Expectations:

Growth in direction 4.1883 and then downward pullback towards 4.1704.

Trading recommendations:

  1. Longs to 4.1883.

  2. Shorts from 4.1883 to 4.1704.

  3. Mid-term long-trades from 4.1704.