Technical analytics

USDMYR market technical outlook

Daily chart:

Currency pair approaches to strong dynamic resistance 4.1988 (upper Bollinger band). Break of this level is unlikely as ADX indicator resides in a very weak area. Thus we can expect a start of new downward wave in direction of lower Bollinger band 4.1734.

H4-chart:

We confirm the boundaries of local sideways trend within Bollinger bands (4.1734-4.1988). Thus here we also come to a conclusion about going short shortly.

H1-chart:

Full absence of any activity from ADX is also a sign of lack of trending potential on the buyers’ side. We expect testing of 4.1988 and start to the downside in direction 4.1844. 

Expectations:

Touch of 4.1988 and then decline in direction 4.1844.

Trading recommendations:

Shorts from 4.1988 to 4.1844.

 

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