Published: 2024-12-11T05:30:28.000Z
Chart USD/MYR Update: Consolidating at 4.4160 low
Technical Analyst
-
Little change, as prices turned up in consolidation from the 4.4160 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.5000 | * | figure, congestion | S1 | 4.4160 | * | 5 Dec low | |
| R3 | 4.4880 | ** | 14 Nov high | S2 | 4.4000 | ** | 5 Aug low, congestion | |
| R2 | 4.4720 | * | 3 Dec high | S3 | 4.3800 | * | 8 Nov low | |
| R1 | 4.4400 | * | 27 Nov low | S4 | 4.3400 | * | 38.2% Sep/Nov rally |
Asterisk denotes strength of level
05:25 GMT - Little change, as prices turned up in consolidation from the 4.4160 low as prices unwind the oversold intraday and daily studies. Consolidation expected to give way to renewed selling pressure later to retrace rally from the September low and see room to the 4.4000 congestion. Break of the latter will see room to extend losses to the 4.3800 level then the 4.3400, 38.2% Fibonacci retracement. Meanwhile, resistance is lowered to the 4.4400 recent low which is expected to cap and sustain losses from the 4.4720 and 4.4880 highs.