Published: 2024-10-29T02:54:54.000Z
Chart USD/THB Update: Extending consolidation below 33.83 resistance
Technical Analyst
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Little change, as prices extend consolidation below the 33.83 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.33 | * | 3 Sep high | S1 | 33.50 | * | congestion | |
| R3 | 34.10 | * | Dec low | S2 | 33.08/00 | ** | 18 Oct low, congestion | |
| R2 | 34.00 | * | 38.2% Jun/Sep fall | S3 | 32.80 | * | 25 Sep high | |
| R1 | 33.83 | * | 30 Aug low | S4 | 32.50 | * | congestion |
Asterisk denotes strength of level
02:50 GMT - Little change, as prices extend consolidation below the 33.83 resistance. However, pressure remains on the upside with the resulting flag pattern suggesting scope for break higher to further retrace the steep June/September losses. Higher will see room to the strong resistance at the 34.00/34.10, 38.2% Fibonacci retracement and December low. Meanwhile, support is raised to the 33.65/33.50 area and this now underpin. Would take break here to fade the upside pressure and see room for pullback to the 33.08/33.00, support and congestion area.