Chart USD/KRW Update: Range-bound in consolidation from 1365.00 low
Range-bound in consolidation from the 1365.00 current year low as prices unwind the oversold intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1420.00 | * | congestion | S1 | 1365.00 | ** | 5 May YTD low | |
| R3 | 1412.00 | ** | 16 Apr low | S2 | 1360.00 | * | figure | |
| R2 | 1400.00 | ** | Apr 2024 high | S3 | 1350.00 | * | congestion | |
| R1 | 1395.00 | * | Jun 2024 high | S4 | 1347.00 | * | 76.4% Sep/Dec rally |
Asterisk denotes strength of level
02:35 GMT - Range-bound in consolidation from the 1365.00 current year low as prices unwind the oversold intraday and daily studies. Weekly studies are streched as well and suggest scope for corrective bounce to retrace losses from the high of last week. Bounce see strong resistance at the 1395.00/1400.00, June/April 2024 highs. Would take break here to open up room for stronger gains to the previous lows at 1412.00/1420.00 area and the February low at 1425.00. Meanwhile, support at the 1365.00 low now protecting the downside. Below this will see room to the 1360.00 level then the 1350.00/1347.00 congestion and 76.4% Fibonacci level.