Published: 2024-11-08T03:18:57.000Z
Chart USD/THB Update: Lower in consolidation
Technical Analyst
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Turned lower from the 34.46 high as prices consolidate sharp bounce from the 33.54 low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 34.83 | * | 14 Aug low | S1 | 34.00 | * | 1 Nov high | |
| R3 | 34.70 | * | 50% May/Sep fall | S2 | 33.65 | * | 10 Oct high | |
| R2 | 34.50 | * | congestion | S3 | 33.54 | ** | 6 Nov low | |
| R1 | 34.46 | * | 7 Nov high | S4 | 33.08/00 | ** | 18 Oct low, congestion |
Asterisk denotes strength of level
03:05 GMT - Turned lower from the 34.46 high as prices consolidate sharp bounce from the 33.54 low and unwind overbought intraday studies. Consolidation expected to give way to fresh buying later to further retrace the May/September losses. Higher will see room to 34.70, 50% Fibonacci retracement, and 34.83, resistance. Meanwhile, support is raised to the 34.00 level which should underpin. Failure to hold this will ease the upside pressure and see room for pullback to the strong support at the 33.65/33.54 area. Break of the latter will return focus to the downside to retrace gains from the September low.