Technical analytics

USDMYR market technical outlook

Daily chart:

The price is consolidating around the area of middle Bollinger band (4.3500) for many days already. The boundaries of Bollinger bands is much wider (4.2964-4.3872), but they were not tested for a long time. Today this tendency most likely will remain in place.


Local upward wave is limited by resistance 4.3641 (upper Bollinger band). ADX readings are dropping, therefore growth of the quotes above this mark is unlikely. We expect a downward reversal and start of decline in direction 4.3279 (lower Bollinger band).


Hourly upper Bollinger band also resides at 4.3641. ADX indicator is in an extremely weak area, therefore we can say that scenario of reversal in direction of support zone 4.3279-4.3343 is confirmed.


So, we expect a touch of 4.3641 and then decline in direction 4.3279-4.3343.

Trading recommendations:

Shorts from 4.3641 to 4.3279-4.3343.


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