Published: 2024-11-07T03:16:32.000Z
Chart USD/THB Update: Extending gains, but stretched
Technical Analyst
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Still stretching sharp rally from the 33.54 low to approach the 34.50 congestion
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 35.00 | * | figure, congestion | S1 | 34.00 | * | 1 Nov high | |
| R3 | 34.83 | * | 14 Aug low | S2 | 33.65 | * | 10 Oct high | |
| R2 | 34.70 | * | 50% May/Sep fall | S3 | 33.54 | ** | 6 Nov low | |
| R1 | 34.50 | * | congestion | S4 | 33.08/00 | ** | 18 Oct low, congestion |
Asterisk denotes strength of level
03:10 GMT - Still stretching sharp rally from the 33.54 low to approach the 34.50 congestion. Consolidation here see prices unwinding overbought readings but scope is seen for break 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 now 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.