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FxWirePro: Thai baht appreciates in early Asia, stay bearish

  • USD/THB is currently trading around 32.15 marks.
     
  • It made intraday high at 32.17 and low at 32.08 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 32.27 mark.
     
  • A daily close below 32.16 will drag the parity down towards key supports around 32.08, 31.93 and 31.75 marks respectively.
     
  • On the top side, key resistances are seen at 32.27, 32.38, 32.46, 32.61 and 32.85 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/THB around 32.16, stop loss at 32.38 and target of 31.93.

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