Chart USD/THB Update: Extending gains
Consolidation below the 32.50 congestion has given way to break to open up room for extension to resistance at the 32.70/80 congestion area
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 33.05 | ** | 23 Mar YTD high | S1 | 32.35 | * | congestion | |
| R3 | 32.90 | * | Oct high, congestion | S2 | 32.20 | * | congestion | |
| R2 | 32.80 | * | congestion | S3 | 31.90 | ** | Feb high | |
| R1 | 32.70 | * | congestion | S4 | 31.70 | * | 61.8% Jan/Mar rally |
Asterisk denotes strength of level
02:50 GMT - Consolidation below the 32.50 congestion has given way to break to open up room for extension to resistance at the 32.70/80 congestion area. Gains beyond this, if seen, will expose strong resistance at 32.90 October high and 33.05 March current year high to retest. However, gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 32.40/35 area and extending to 32.20 congestion. Would take break here to return focus to the downside for retest of strong support at the 31.90 Februry high then the 31.74, 17 April low.