MALAYSIA: Country Wrap: OECD Suggests Reforms Needed

• RES 4: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing     
• RES 3: 0.8768 High Nov 20 ‘23
• RES 2: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
• RES 1: 0.8557 High Apr 28 
• PRICE: 0.8514 @ 06:13 BST May 6
• SUP 1: 0.8480 Low May 1
• SUP 2: 0.8477/67 61.8% of the Mar 28 - Apr 11 rally / 50-day EMA  
• SUP 3: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally 
• SUP 4: 0.8316 Low Mar 28 and a key support  

EURGBP is trading closer to its recent lows and a short-term bear cycle remains in play, for now. The next support to watch is 0.8477, a Fibonacci retracement point where a break would strengthen a bearish theme. Support at the 50-day EMA, lies at 0.8467. It is still possible the move down that started Apr 11, is a correction. A clear reversal would open 0.8738, the Apr 11 high and bull trigger. First key resistance is 0.8624, the Apr 21 high.

• RES 4: 1.3605 1.236 proj of the Feb 28 - Apr 3 - 7 price swing 
• RES 3: 1.3550 High Feb 24 ‘22 
• RES 2: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing 
• RES 1: 1.3444 High Apr 28 / 29 
• PRICE: 1.3302 @ 06:06 BST May 6
• SUP 1: 1.3257 Low May 5   
• SUP 2: 1.3232 20-day EMA
• SUP 3: 1.3041/3045 Low Apr 14 / 50-day EMA 
• SUP 4: 1.2968 Low Apr 11 

The latest pullback in GBPUSD appears corrective. A tweezer top formation on the daily candle chart last Monday/Tuesday, highlights a short-term top. Firm support at 1.3232, the 20-day EMA, remains intact. A break of this level would signal scope for a deeper retracement. Note that moving average studies are in a bull-mode position, signalling a dominant underlying uptrend. A resumption of gains would open 1.3510, a Fibonacci projection.

• RES 4: 120.20 High Dec 12 ‘24 (cont)           
• RES 3: 120.000 Psychological round number          
• RES 2: 119.960 High Apr 7 and the bull trigger
• RES 1: 119.780 High Apr 22                                     
• PRICE: 119.150 @ 05:32 BST May 6 
• SUP 1: 119.010 Low May 5      
• SUP 2: 118.647 50-day EMA  
• SUP 3: 118.060 Low Apr 10   
• SUP 4: 117.680 Low Apr 9 and a key support      

A bull cycle in Bobl futures remains in play and the recent steep sell-off between Apr 7 - 9 is considered corrective. Gains in early April rally resulted in a break of key resistance at 119.040, the Feb 28 high, strengthening bullish conditions. Sights are on the 120.000 handle next. On the downside, firm support lies at 117.680, the Apr 9 low. The 20-day EMA, an important S/T support, at 119.088, has been pierced. The 50-day EMA is at 118.647.