Chart USD/MYR Update: Extending bounce from 4.0450 support
Extending bounce from test of the 4.0450 support as prices consolidate sharp losses from the 4.0885 high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.0915 | * | 8 Oct high | S1 | 4.0450 | ** | Mar high | |
| R3 | 4.0885 | * | 27 Oct high | S2 | 4.0200 | ** | Sep low | |
| R2 | 4.0780 | ** | 21 Oct low | S3 | 4.0000 | ** | figure, congestion | |
| R1 | 4.0650 | * | Jul, 23 Sep lows | S4 | 3.9800 | * | May high |
Asterisk denotes strength of level
03:00 GMT - Extending bounce from test of the 4.0450 support as prices consolidate sharp losses from the 4.0885 high of last week. Daily studies are unwinding oversold reading but gains are seen corrective and expected to give way to renewed selling pressure later. A later break of the 4.0450 support and the 4.0400 level will open up room for extension to retest the 4.0200 September low. Meanwhile, resistance is at the 4.0650 congestion. Above here will see room for stronger bounce to the 4.0780 previous congestive lows which are expected to cap and sustain losses from the broader 4.0985 September swing high.