Published: 2025-01-13T05:15:29.000Z
Chart USD/MYR Update: Consolidating, room for higher later
Technical Analyst
1
Break above the 4.4880 resistance has seen gains to retest the 4.5135/4.4165 highs
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.5640 | * | 2 Aug high | S1 | 4.4850 | * | 7 Jan low | |
| R3 | 4.5500 | * | congestion | S2 | 4.4540 | * | 31 Dec low | |
| R2 | 4.5325 | * | 61.8% 2024 fall | S3 | 4.4400 | * | congestion | |
| R1 | 4.5165 | * | 6 Jan high | S4 | 4.4160 | ** | Dec low |
Asterisk denotes strength of level
05:15 GMT - Break above the 4.4880 resistance has seen gains to retest the 4.5135/4.4165 highs. Clearance here will see scope to extend gains and further retrace the sharp losses seen in 2024 to the 4.5325, 61.8% Fibonacci retracement. Stretched daily studies suggest reaction at the latter likely to unwind the overbought readings. Meanwhile, support is raised to the 4.4850 support ahead of the 4.4540 higher low which should underpin. Break here is needed to return focus to the downside for retest of the 4.4400 support and December low at 4.4160.