Technical analytics

USDMYR market technical outlook

Daily chart:
Very active readings of ADX/RSI indicators bundle persist in favor of probable further upward distribution of the market in direction of monthly upper Bollinger band (4.2867).

H4-chart:

We note an important dynamic support at the area of middle Bollinger band (4.1569), where a prior downward technical correction can be directed.

H1-chart:

Two support levels capable to stop corrective decline are 4.1652 and 4.1569. Long-trades might be promising from each of these levels.

Expectations:

Main scenario: Decline towards 4.1569 and then growth in direction 4.2867.

Alternative scenario: Continuation of growth towards 4.2867 after testing of the 4.1652 mark.

Trading recommendations:

Seeking for buy signals at the levels 4.1652 and 4.1569.

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