Published: 2024-11-04T05:52:41.000Z
Chart USD/MYR Update: Lower in consolidation below 4.4000
Technical Analyst
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Turning lower in consolidation below resistance at the 4.4000 congestion as prices unwind the overbought daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.4600 | * | 13 Aug high | S1 | 4.3500 | * | congestion | |
| R3 | 4.4500 | * | 50% Feb/Sep fall | S2 | 4.3370 | * | 28 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
05:45 GMT - Turning lower in consolidation below resistance at the 4.4000 congestion as prices unwind the overbought daily studies. Pullback see support starting at 4.3500/4.3370 congestion area and the low of last week. Would take break here to open up deeper pullback to retrace the strong rally from the September low. Lower will see room to the 4.3000 congestion then the 4.2720 support. Meanwhile, resistance at the 4.4000 figure now expected to cap. Break here, if seen, will see room for extension to the 4.4280 resistance then the 4.4500, 50% Fibonacci retracement.