Published: 2025-05-05T06:23:50.000Z
Chart USD/MYR Update: Consolidating test of 4.2000
Technical Analyst
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Prices remain under pressure to extend sharp losses last week following break to fresh low through the 7.3700, January low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 4.3500 | * | congestion | S1 | 4.2000 | * | figure | |
| R3 | 4.3260 | 2 May high | S2 | 4.1500 | * | congestion | ||
| R2 | 4.3000/70 | * | congestion, 30 Apr low | S3 | 4.1000 | ** | Sep 2024 year low | |
| R1 | 4.2500 | * | congestion | S4 | 4.0900 | * | Apr 2021 low |
Asterisk denotes strength of level
06:20 GMT - Prices remain under pressure to extend sharp losses last week following break to fresh low through the 7.3700, January low. Losses has since reached the 4.2000 figure and consolidation here see prices unwinding oversold daily studies. Weekly chart are stretched as well and caution corrective bounce. Meanwhile, resistance is lowered to the 4.2500 congestion. Gains above here, if seen, will open up room for stronger bounce to the 4.3000 congestion. Below the 4.2000 level will shift focus to the 4.1000, September 2024 year low.