Chart USD/MYR Update: Consolidating test of 4.0750 resistance
Little change, as prices consolidate beneath the 4.0750 resistance following strong gains from the 4.0200 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.1100 | 25 Jun low | S1 | 4.0600 | * | congestion | ||
| R3 | 4.0950 | ** | Jul, Aug highs | S2 | 4.0450 | ** | 2 Sep high | |
| R2 | 4.0800 | * | congestion | S3 | 4.0200 | * | congestion | |
| R1 | 4.0750 | * | 30 Jul low | S4 | 4.0000 | ** | figure, 61.8% |
Asterisk denotes strength of level
02:35 GMT - Little change, as prices consolidate beneath the 4.0750 resistance following strong gains from the 4.0200 low. Daily studies have turned mixed at overbought areas and but bullish momentum keep pressure on the upside. Break above the 4.0750/4.0800 area will open up room for extension to strong resistance at 4.0950, July/August highs. Meanwhile, support is raised to 4.0600 level then the strong support at 4.0450 congestion and March high. Only below the latter will fade the upside pressure and return focus to the downside for retest of the 4.0200 low and extend the June losses to the 4.0000 figure and 61.8% Fibonacci level.