AUD/MYR Technical Analysis

The Australian Dollar has been moving sideways against the Ringgit since March of this year and this lateralization is a strong sign of exhaustion of the AUD. The most important area of resistance is located at the 3.2300 level, which the market touched on May 10th. Now the AUD seems to be ready to fall against the Ringgit. From a technical point of view, if the price breaks below the 3.1700 level, it could go to the next support at 3.0700 in the next few days.