Technical analytics

USDMYR market technical outlook

Daily chart:

As we see support at the area of lower Bollinger band (4.1039) detained the market and remained unbroken. This points to a probability of recovery towards 4.1332 and 4.1654 (middle and upper Bollinger bands).

H4-chart:

Locally we have consolidation of the market inside Bollinger bands (4.1001-4.1224 range). ADX drops indicating a low probability of exit beyond the mentioned borders.

H1-chart:

On hourly chart we can note enhanced activity of ADX indicator, therefore we can’t rule out a short momentum to the 4.1332 region (watch the red arrow).

Expectations:

Main scenario: Growth to 4.1332 and then downward reversal.

Alternative scenario: Flat in the 4.1001-4.1224 range.

Trading recommendations:

  1. Longs towards 4.1332.

  2. Shorts from 4.1332 to 4.1001.

New articles