U.S. DOLLAR / MALAYSIAN RINGGIT
Price Action: The price appears to be attempting a consolidation near the lower band, which could suggest that the sharp bearish trend may be slowing down or preparing for a reversal.
Recent price action is forming what looks like a potential base around the 4.25 - 4.30 range, though it is too early to confirm a reversal or bottom formation.
Support: The current support zone lies near the 4.30 level, where the price has stalled.
Resistance: Immediate resistance is near the 4.45 to 4.50 range, aligned with the moving average and the upper Bollinger Band. A break above this could suggest a potential shift in the trend or at least a relief rally.
However, strong bearish pressure persists as shown by the successive red candles, suggesting continued selling pressure.
Bearish: The current momentum suggests further downside could occur unless we see a reversal pattern or a break above the moving average.