Technical analytics

USDMYR market technical outlook

Daily chart:

Downward technical correction was launched on this asset with supposed target at middle Bollinger band (4.1471). From here in turn we might expect a new phase of buyers’ activity as earlier a break of upper Bollinger band was recorded.

H4-chart:

Local mode of trading is undirected and goes sideways. The range is limited by the boundaries of Bollinger bands (4.1752-4.1992).

H1-chart:

We also note a strong local support at 4.1803 (lower Bollinger band). This level wasn’t broken, therefore according to properties of Bollinger bands we can assume, that we’ll see one more upward wave in direction of the upper band (4.1992).

Expectations:

Growth towards 4.1992 and then decline in direction 4.1752.

Trading recommendations:

  1. Longs towards 4.1992.

  2. Shorts from 4.1992 to 4.1752.

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