Published: 2024-11-07T06:52:36.000Z
Chart USD/MYR Update: Extending gains
Technical Analyst
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Bounce from the 4.3400 support has seen extension to fresh high above the 4.4000 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.5000/25 | ** | congestion, 7 Aug high | S1 | 4.3700 | * | congestion | |
| R3 | 4.4600 | * | 13 Aug high | S2 | 4.3400 | ** | 6 Nov low | |
| R2 | 4.4500 | * | 50% Feb/Sep fall | S3 | 4.3370 | * | 28 Oct low | |
| R1 | 4.4280 | * | 19 Aug high | S4 | 4.3080/00 | ** | Aug low, congestion |
Asterisk denotes strength of level
06:45 GMT - Bounce from the 4.3400 support has seen extension to fresh high above the 4.4000 level. Nearby see resistance at 4.4280 and clearance here will further retrace the February/September losses and see room to the 4.4500, 50% Fibonacci retracement. Higher still, if seen, will see scope to strong resistance at the 4.5000 level. Meanwhile, support is raised to the 4.3700 congestion. Break here will see room deeper pullback to the strong support at the 4.3400/4.3370 higher lows, expected to underpin.