Chart USD/MYR Update: Consolidating above 4.0300 Fibonacci level, lower later
Steadied just above the 4.0300 Fibonacci level as prices consolidate recent sharp pullback from the 4.0950, July high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.0800 | congestion | S1 | 4.0300 | * | 50% May/Jun rally | ||
| R3 | 4.0750 | * | 30 Jul low | S2 | 4.0200 | * | congestion | |
| R2 | 4.0650 | ** | congestion | S3 | 4.0000 | ** | figure, 61.8% | |
| R1 | 4.0460/500 | * | Mar high, congestion | S4 | 3.9800 | ** | May high |
Asterisk denotes strength of level
02:45 GMT - Steadied just above the 4.0300 Fibonacci level as prices consolidate recent sharp pullback from the 4.0950, July high. Consolidation see prices unwinding oversold intraday studies but pressure remains on the downside and see scope for break later to extend losses the June losses to support at the 4.0200 congestion. Lower still, will see scope to target the 4.0000 figure and 61.8% Fibonacci level. Meanwhile, resistance at the 4.0460/4.0500 area is expected to cap. Only above here will see room for stronger bounce and see consolidation towards resistance at 4.0600/4.0650 previous lows.