Published: 2024-10-30T04:37:23.000Z
Chart USD/MYR Update: Extending gains
Technical Analyst
-
Pressure remains on the upside and break above the 4.3700/4.3800 area further extend strong run-up from 4.1000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.4600 | * | 13 Aug high | S1 | 4.3500 | * | 25 Oct low | |
| R3 | 4.4500 | * | 50% Feb/Sep fall | S2 | 4.3370 | * | 25 Oct low | |
| R2 | 4.4280 | 19 Aug high | S3 | 4.3080/00 | ** | Aug low, congestion | ||
| R1 | 4.4000 | ** | 5 Aug low | S4 | 4.2720 | * | 19 Sep high |
Asterisk denotes strength of level
04:35 GMT - Pressure remains on the upside and break above the 4.3700/4.3800 area further extend strong run-up from the 4.1000, September YTD low. Gains now within reach of the strong resistance at the 4.4000 figure. Break here, if seen, will see room for extension to the 4.4500, 50% Fibonacci retracement. Meanwhile, support is raised to the 4.3500 level and this extend to the 4.3370, 25 Oct higher low, which should underpin. Would take break of these to return focus to the downside and see deeper pullback to support at 4.2720 then the 4.2500 level.