Technical analytics

USDMYR market technical outlook

USD/MYR
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.

H4-chart:

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).

H1-chart:

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.

Expectations:

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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