Technical analytics

USDMYR market technical outlook

USD/MYR

Daily chart:

Currency pair got stuck in a very sticky and stiff pivot consisting of middle Bollinger bands from three time-frames (4.3261-4.3393 range). Given weak ADX, we can suppose that this tendency will remain in place.

At the same time we can note wider boundaries of the sideways channel limited by the scope of Bollinger bands (4.2890-4.3923).

H4-chart:

Potential of upward wave development at this moment is limited by the 4.3503 level (a merger of the upper Bollinger band and the “mirror level”). Sellers’ activity in this zone is highly likely.

H1-chart:

Very low activity of ADX indicator definitely points to a further flat scenario. Trading range is limited by the levels of support/resistance 4.3206/4.3503.

Expectations:

Flat in the 4.3206-4.3503 range.

Trading recommendations:

Short-term trades inside the 4.3206-4.3503 channel.

 

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