Published: 2024-11-28T03:20:27.000Z
Chart USD/MYR Update: Extending pullback from the 4.4880 high
Technical Analyst
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Extending pullback from the 4.4880 high as prices unwind the overbought daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.5300 | * | 61.8% Feb/Sep fall | S1 | 4.4200 | * | 7 Nov high | |
| R3 | 4.5000 | * | figure, congestion | S2 | 4.4000 | ** | 5 Aug low, congestion | |
| R2 | 4.4880 | ** | 14 Nov high | S3 | 4.3800 | * | 8 Nov low | |
| R1 | 4.4750 | * | 22 Nov high | S4 | 4.3400 | * | 38.2% Sep/Nov rally |
Asterisk denotes strength of level
03:20 GMT - Extending pullback from the 4.4880 high as prices unwind the overbought daily studies. Break of support at the 4.4500 congestion opens up deeper pullback to retrace rally from the September low and see room to the 4.4200 support. Lower still will see scope to the 4.4000 congestion where reaction can be expected. Failure to hold the latter will trigger deeper pullback to the 4.3800 level then the 4.3400, 38.2% Fibonacci retracement. Meanwhile, resistance at 4.4750 then the 4.4880 high now expected to cap.