Published: 2024-11-05T02:52:16.000Z
Chart USD/THB Update: Room for deeper pullback from 34.00 high
Technical Analyst
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Lower in consolidation from test of the 34.00 figure and 38.2% Fibonacci retracement level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.50 | * | congestion | S1 | 33.65 | * | 10 Oct high | |
| R3 | 34.33 | * | 3 Sep high | S2 | 33.50 | * | congestion | |
| R2 | 34.10 | * | Dec low | S3 | 33.08/00 | ** | 18 Oct low, congestion | |
| R1 | 34.00 | * | 38.2% Jun/Sep fall | S4 | 32.80 | * | 25 Sep high |
Asterisk denotes strength of level
02:50 GMT - Lower in consolidation from test of the 34.00 figure and 38.2% Fibonacci retracement level to reach support at the 33.65, high of 10 October. Daily studies are unwinding overbought readings and suggest scope for break here to open up deeper pullback to retrace gains from the September low to the 33.50 congestion. Below this will turn focus to the downside and see room for retest of strong support at the 33.08/33.00 area. Meanwhile, break above the 34.00 resistance, if seen, will see extension to strong resistance at the 34.10, December low.