Chart USD/KRW Update: Consolidating, but room for lower later
Pullback from the 1414.00 high see prices unwinding overbought intraday and daily studies to reach the 1400.00 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1428.00 | * | 13 May high, congestion | S1 | 1400.00 | ** | congestion | |
| R3 | 1420.00 | * | congestion | S2 | 1390.00 | * | 22 Sep low, congestion | |
| R2 | 1417.00 | * | 50% Apr/Jun fall | S3 | 1380.00 | * | congestion | |
| R1 | 1414.00 | ** | 26 Sep high, 200-day MA | S4 | 1372.00 | ** | 17 Sep low |
Asterisk denotes strength of level
02:15 GMT - Pullback from the 1414.00 high see prices unwinding overbought intraday and daily studies to reach the 1400.00 congestion. Negative daily studies suggest consolidation here giving way to fresh selling pressure later to open up room for deeper pullback to the 1390.00 level which is expected to underpin. Failure here will return focus to the downside for retest of the 1380.00 congestion and 1372.00 low. Meanwhile, resistance at the 1412.00/1414.00 area caps. Clearance will open up room for extension to 1417.00, 50% Fibonacci level, and 1420.00 congestion and June channel resistance.