Published: 2025-05-09T03:04:19.000Z
Chart USD/KRW Update: Extending corrective gains
Technical Analyst
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Break above resistance at the 1395.00/1400.00 area see prices extending rebound from the 1365.00 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1430.00 | * | congestion | S1 | 1400.00 | * | Apr 2024 high | |
| R3 | 1425.00 | ** | Feb low, 50% | S2 | 1395.00 | * | Jun 2024 high | |
| R2 | 1420.00 | * | congestion | S3 | 1373.00 | 6 May low | ||
| R1 | 1412.00 | ** | 16 Apr low, 38.2% | S4 | 1365.00 | ** | 5 May YTD low |
Asterisk denotes strength of level
03:00 GMT - Break above resistance at the 1395.00/1400.00 area see prices extending rebound from the 1365.00 low. Daily and weekly studies are unwinding oversold readings and suggest scope for stronger corrective bounce to retrace losses from the high of last week. Clearing resistance at 1412.00 will open up room to the strong resistance at 1420.00 congestion then the February low at 1425.00. Meanwhile, support is raised to 1400.00/1395.00 area which is expected to underpin. Failure here will return focus to the downside towards 1365.00 low.