Chart USD/MYR Update: Extending gains
Break above the 4.0750 resistance see prices retracing the June/September losses and open up room for retest of the 4.0950, July/August highs
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.1545 | ** | 22 Jun YTD high | S1 | 4.0650/00 | * | congestion | |
| R3 | 4.1350 | * | congestion | S2 | 4.0450 | ** | 2 Sep high | |
| R2 | 4.1150 | * | congestion | S3 | 4.0200 | * | congestion | |
| R1 | 4.0950 | ** | Jul, Aug highs | S4 | 4.0000 | ** | figure, 61.8% |
Asterisk denotes strength of level
02:40 GMT - Break above the 4.0750 resistance see prices retracing the June/September losses and open up room for retest of the 4.0950, July/August highs. Both intraday and daily studies are overbought and suggest reaction here likely though bullish momentum from the 4.0200 low suggest scope for break later. Clearance will see room for extension to the 4.150/4.1350 area. Meanwhile, support is raised to 4.0650/600 area. Below here will see room for consolidation to 4.0450 March high where break will fade the upside pressure and see return to the 4.0200 low and extend the June losses.