Chart USD/MYR Update: Consolidating, room for lower later
No follow-through on break of the 4.0450 support as prices turned up from 4.0420 intraday low to consolidate losses from the 4.0885 late-October high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.0915 | * | 8 Oct high | S1 | 4.0420 | intraday low | ||
| R3 | 4.0885 | * | 27 Oct high | S2 | 4.0200 | ** | Sep low | |
| R2 | 4.0780 | ** | 21 Oct low | S3 | 4.0000 | * | figure, congestion | |
| R1 | 4.0650 | ** | congesion, 23 Sep low | S4 | 3.9800 | ** | May high |
Asterisk denotes strength of level
02:45 GMT - No follow-through on break of the 4.0450 support as prices turned up from 4.0420 intraday low to consolidate losses from the 4.0885 late-October high. However, negative daily and weekly studies suggest consolidation giving way to renewed selling pressure later to extend losses from the 4.0985 September high. Lower will see room for retest of the 4.0200 low and see scope to extend to broader losses from the 4.1545, June high. Meanwhile, resistance is lowered to 4.0600/4.0650 congestion area which is expected to cap and sustain losses from the 4.0885/4.0915, October highs.