Published: 2024-11-29T02:10:56.000Z
Chart USD/THB Update: Extending losses
Technical Analyst
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Under pressure and break of the 34.38 low see prices extending pullback from the 35.17 high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.17 | ** | 14 Nov high | S1 | 34.23 | 11 Nov low | ||
| R3 | 35.00 | * | congestion | S2 | 34.00 | ** | congestion, 38.2% | |
| R2 | 34.79 | * | 22 Nov high | S3 | 33.83 | * | Aug low | |
| R1 | 34.50 | * | congestion | S4 | 33.65 | * | 10 Oct high, 50% |
Asterisk denotes strength of level
02:10 GMT - Under pressure and break of the 34.38 low see prices extending pullback from the 35.17 high. Both the daily and weekly studies are tracking lower and suggest room for further losses to retrace strong rally from the 32.14 September low. Lower will see room to the 34.00, congestion and 38.2% Fibonacci retracement. Lower still, will see scope to the 33.83 support then 33.65, 50% Fibonacci level. Meanwhile, resistance is lowered to 34.50 congestion and this is expected to cap and sustain losses from the 35.17 high.