Technical analytics

USDMYR market technical outlook

Daily chart:

Market somewhat stuck in the 4.1605-4.1651 range, where there is a cluster of middle Bollinger bands from all three time-frames.

 

H4-chart:

Local upward phase of the market is directed to dynamic resistance 4.1709 (upper Bollinger band), where it’s very likely, that bears will be able to drop the quotes in direction of lower band (4.1554).

H1-chart:

Extremely low activity of intraday ADX indicator points to a not too volatile market today. Trading range most likely will be limited by the scope of Bollinger bands (4.1572-4.1651).

Expectations:

Flat in the 4.1572-4.1651.

Trading recommendations:

Short-term trades in the 4.1572-4.1651 range.

 

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