Chart USD/MYR Update: Scope to extend bounce from 4.0200 support
Little change, as prices extend consolidation below resistance at 4.0460/4.0500 area following bounce from the 4.0200 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.0800 | congestion | S1 | 4.0200 | * | congestion | ||
| R3 | 4.0750 | * | 30 Jul low | S2 | 4.0000 | ** | figure, 61.8% | |
| R2 | 4.0650 | ** | congestion | S3 | 3.9800 | ** | May high | |
| R1 | 4.0460/500 | * | Mar high, congestion | S4 | 3.9600 | * | congestion |
Asterisk denotes strength of level
06:00 GMT - Little change, as prices extend consolidation below resistance at 4.0460/4.0500 area following bounce from the 4.0200 low. Daily studies have turned higher to unwind oversold readings and break above the 4.0500 level will to open up room for stronger gains to retrace losses from the July high towards strong resistance at 4.0600/4.0650 level and July low. The latter is expected to cap and give way to renewed selling pressure later. Meanwhie, break of the 4.0200 low will see room to extend the June losses to the 4.0000 figure and 61.8% Fibonacci level. Below this will see room to strong support at the 3.9800, May high.