Published: 2024-12-20T05:44:31.000Z
Chart USD/MYR Update: Extending gains
Technical Analyst
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Rally above the 4.4880 high of November further extend gains from the September low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.5850 | ** | 2 Jan low | S1 | 4.4880 | * | Nov high | |
| R3 | 4.5640 | * | 2 Aug high | S2 | 4.4720 | * | 3 Dec high | |
| R2 | 4.5500 | * | congestion | S3 | 4.4400 | * | congestion | |
| R1 | 4.5325 | * | 61.8% Feb/Sep fall | S4 | 4.4160 | ** | 6 Dec low |
Asterisk denotes strength of level
05:40 GMT - Rally above the 4.4880 high of November further extend gains from the September low. Break above the 4.5000 level open up stronger gains to the 4.5325, 61.8% Fibonacci retracement. Higher still will see scope to the 4.5500 congestion. However, deep overbought daily studies caution corrective pullback. Meanwhile, support is raised to the 4.4800/4.4720, November and early December highs. Break of these will open up deeper pullback to the 4.4160, the December pullback low, now expected to underpin and sustain the bull trend from September low.