Chart USD/MYR Update: Bounce stalled at the 4.0780 resistance
Strong bounce from the 4.0450 support has seen gains stalling just shy of strong resistance at 4.0780 which is expected to cap
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.0950 | ** | Jul/Aug highs | S1 | 4.0650 | * | congestion | |
| R3 | 4.0915 | * | 8 Oct high | S2 | 4.0450 | ** | Mar high | |
| R2 | 4.0885 | * | 27 Oct high | S3 | 4.0200 | ** | Sep low | |
| R1 | 4.0780 | ** | 21 Oct low | S4 | 4.0000 | ** | figure, congestion |
Asterisk denotes strength of level
02:45 GMT - Strong bounce from the 4.0450 support has seen gains stalling just shy of strong resistance at 4.0780 which is expected to cap. Break here, if seen, will open up room for retest of strong resistance at the 4.0885 and 4.0915, October highs. Gains are expected to give way to renewed selling pressure later with support raised to the 4.0650/4.0600 area. Below here will return focus to the downside for retest of the 4.0450 support and the 4.0400 level. Break here will return focus to the 4.0200 September low and see risk for break to extend losses from the 4.1545, June current year high.