Chart USD/THB Update: Consolidating test of 32.30 low
Consolidating test of fresh low at 32.30 with oversold intraday studies suggesting scope for bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 33.25 | * | congestion | S1 | 32.30 | ** | 3 Jul YTD low | |
| R3 | 33.05 | ** | Apr low | S2 | 32.14 | ** | Sep 2024 year low | |
| R2 | 32.80 | * | congestion | S3 | 32.08 | ** | Feb 2022 year low | |
| R1 | 32.60/65 | * | congestion | S4 | 32.00 | * | congestion |
Asterisk denotes strength of level
03:00 GMT - Consolidating test of fresh low at 32.30 with oversold intraday studies suggesting scope for bounce. Daily studies are stretched as well and suggest scope for corrective bounce to resistance at the 32.60/32.65 area. Clearance here, will fade the downside pressure and open up room for stronger gains to retrace losses from the April high toward resistance at 32.80. Higher still, if seen, will open up the 33.05 June high to retest. Meanwhile, support at the 32.30 low should underpin. Below this will extend the broader losses from the November high and shift focus to the 32.14/32.08, September 2024 and February 2022 year lows.