FxWirePro: Thai baht gains despite lower than expected trade balance data

• USD/THB is currently trading around 34.65 marks.
   
• It made intraday high at 34.79 and low at 34.63 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 34.85 mark.
   
• On the top side key resistances are seen at 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
   
• Alternatively, a daily close below 34.71 will drag the parity down towards key supports around 34.51, 34.20 and 34.01 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Thailand’s February customs-cleared exports -2.8 pct yr/yr (vs -4.0 pct in poll).
   
• Thailand’s February customs-cleared imports +20.4 pct yr/yr (vs +12.6 pct in poll).
   
• Thailand’s February customs-cleared trade balance +1.61 bln dlrs (vs +2.4 bln dlrs in poll).

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.