Chart USD/MYR Update: Extend consolidation beneath 4.0460/4.0500
Little change, as prices extend consolidation below resistance at 4.0460/4.0500 area following bounce from the 4.0200 low
| 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
02:45 GMT - Little change, as prices extend consolidation below resistance at 4.0460/4.0500 area following bounce from the 4.0200 low. Daily and weekly studies have turned up to unwind oversold readings and suggest scope for break here to open up room for stronger gains to retrace losses from the July high. Higher will see room to strong resistance at 4.0600/4.0650 level and July low which is expected to cap and give way to fresh selling pressure later. Meanwhie, support remains at the 4.0200 low. Break here will extend the June losses and see scope to target the 4.0000 figure and 61.8% Fibonacci level. Lower still, will see room to strong support at the 3.9800, May high.