Published: 2024-09-25T06:40:44.000Z
Chart USD/MYR Update: Extending steep drop
Technical Analyst
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Prices remains under pressure to extend the steep drop following breakdown from the 4.5850 in August
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 4.3080 | ** | Aug low | S1 | 4.1150 | intraday low | ||
R3 | 4.2500 | * | congestion | S2 | 4.1000 | ** | figure, congestion | |
R2 | 4.2000 | * | 24 Sep high | S3 | 4.0900 | * | Apr 2021 low | |
R1 | 4.1800 | * | 20 Sep low | S4 | 4.0750 | * | Feb 2021 high |
Asterisk denotes strength of level
06:30 GMT - Prices remains under pressure to extend the steep drop following breakdown from the 4.5850 support in August. Fresh low has reached 4.1150 intraday low and nearby see room to the 4.1000 figure. Lower still, will see room to the 4.0900/4.0750, April/February 2021 lows. Further out see potential to the 4.0000 figure and January 2021 year low. Deep oversold daily and weekly reading caution corrective bounce though the upside likely to be limited. Meanwhile, resistance is lowered to the 4.1800/4.2000 area and this is expected to cap and limited corrective bounce.