Published: 2024-11-08T02:56:29.000Z
Chart USD/KRW Update: Sharply lower from 1404.00 high
Technical Analyst
1
No follow-through on break of the 1400.00 level as prices turned sharply lower from the 1404.00 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1410.00 | * | 26 Oct 2022 low | S1 | 1380.00 | * | congestion | |
| R3 | 1404.00 | ** | 6 Nov YTD high | S2 | 1370.00 | ** | congestion, 4 Nov low | |
| R2 | 1400.00 | * | Apr high | S3 | 1367.00 | * | 21 Oct low | |
| R1 | 1395.00 | * | Jun high | S4 | 1360.00 | * | 16 Oct low |
Asterisk denotes strength of level
02:45 GMT - No follow-through on break of the 1400.00 level as prices turned sharply lower from the 1404.00 high to retrace strong gains from the 1370.00 support. Break below the 1390.00 level opens up deeper pullback to the 1380.00 congestion and 1370.00 low. Bearish divergence on daily studies caution break here to turn focus lower to retrace strong rally from the 1304.00, September low. Meanwhile, resistance is lowered to the 1390.00/1395 area which is expected to cap and sustain losses from the 1404.00 high.