Technical analytics

USDMYR market technical outlook

Daily chart:
ADX indicator resides in a very weak flat zone, therefore sideways trend of the pair inside Bollinger bands will be extended (4.1764-4.1959 range).

H4-chart:

Local market has signs of contracting consolidation in the range between support level 4.1792 and resistance 4.1897. Here there are also no signs of this tendency ending.

H1-chart:

As we see all major time-frames support undirected horizontal trend. Trading range on hourly chart is range-bound between 4.1792-4.1800 and 4.1845. Thus we can consider short-term trades from the boundaries of this channel.

Expectations:

Flat in the 4.1792-4.1845 range.

Trading recommendations:

Trades to both sides inside the 4.1792-4.1845 range.

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