Chart USD/KRW Update: Consolidating, but room for deeper pullback
Saw sharp pullback from the 1475.00 high as prices unwind overbought intraday and daily studies to reach 1448.00 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1487.00 | ** | 2024 year, 9 Apr YTD highs | S1 | 1446.00 | * | congestion | |
| R3 | 1475.00 | ** | 13 Nov high | S2 | 1440.00 | ** | congestion | |
| R2 | 1470.00 | * | congestion | S3 | 1425.00 | * | Feb low, congestion | |
| R1 | 1460.00 | * | congestion | S4 | 1420.00 | * | congestion |
Asterisk denotes strength of level
02:35 GMT - Saw sharp pullback from the 1475.00 high as prices unwind overbought intraday and daily studies to reach 1448.00 low. Weekly chart are stretched as well and suggest consolidation above the latter expected to give way to fresh selling pressure later. Lower will see room to retrace the bullish gains from the 1372.00 September low and see scope to support at the 1450.00/1446.00 area. Lower still, will see extension to the strong support at the 1440.00, congestion and October high. Meanwhile, resistance is lowered to the 1460.00 level which should cap and sustain pullback to the 1475.00 high.