Technical analytics

USDMYR market technical outlook

Daily chart:
Very active readings of ADX/RSI indicators bundle persist in favor of probable further upward distribution of the market in direction of monthly upper Bollinger band (4.2867).


We note an important dynamic support at the area of middle Bollinger band (4.1569), where a prior downward technical correction can be directed.


Two support levels capable to stop corrective decline are 4.1652 and 4.1569. Long-trades might be promising from each of these levels.


Main scenario: Decline towards 4.1569 and then growth in direction 4.2867.

Alternative scenario: Continuation of growth towards 4.2867 after testing of the 4.1652 mark.

Trading recommendations:

Seeking for buy signals at the levels 4.1652 and 4.1569.