Chart USD/MYR Update: Consolidating above 4.0200 support
Turned up from the 4.0200 support to consolidate losses from the 4.0950 July high and unwind oversold daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.0800 | congestion | S1 | 4.0200 | * | congestion | ||
| R3 | 4.0750 | * | 30 Jul low | S2 | 4.0000 | ** | figure, 61.8% | |
| R2 | 4.0650 | ** | congestion | S3 | 3.9800 | ** | May high | |
| R1 | 4.0460/500 | * | Mar high, congestion | S4 | 3.9600 | * | congestion |
Asterisk denotes strength of level
02:30 GMT - Turned up from the 4.0200 support to consolidate losses from the 4.0950 July high and unwind oversold daily studies. Resistance starts at the 4.0460/4.0500 area and see break here needed to open up room for stronger gains to retrace losses from the July high towards strong resistance at 4.0600/4.0650 level and July low. The latter is expected to cap and give way to renewed selling pressure later. Meanwhie, break of the 4.0200 low will see room to extend the June losses to the 4.0000 figure and 61.8% Fibonacci level. Lower still, will see room to strong support at the 3.9800, May high.