Published: 2024-12-02T02:24:43.000Z
Chart USD/KRW Update: Extending consolidation above 1388.00 support
Technical Analyst
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Little change, as prices extend consolidation above the 1388.00 lows
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1420.00 | * | congestion | S1 | 1388.00 | ** | 18 Nov low | |
| R3 | 1411.00 | ** | 14 Nov YTD high | S2 | 1380.00 | * | congestion | |
| R2 | 1408.00 | * | 22 Nov high | S3 | 1370.00 | * | 38.2% Sep/Nov rally | |
| R1 | 1400.00 | * | Apr high | S4 | 1364.00 | * | Oct 2023 year high |
Asterisk denotes strength of level
02:20 GMT - Little change, as prices extend consolidation above the 1388.00 lows. This is expected to give way to renewed selling pressure later and break here will confirm a top pattern at the 1408.00/1411.00 high and see deeper pullback to retrace the September/November rally. Lower will see open up room to support at the 1380.00 congestion then the 1370.00 level and 38.2% Fibonacci retracement. Meanwhile, resistance at the 1400.00 level is expected to cap. Only regaining this will open up the 1408.00/1411.00 highs to retest.