FxWirePro: Thai baht appreciates on the back of higher than expected GDP data, market awaits trade balance data
USD/THB is currently trading around 32.16 marks. It made intraday high at 32.20 and low at 32.15 marks. Intraday bias remains bearish till the time pair holds key resistance at 32.22 mark. On the top side, key resistance…
It made intraday high at 32.20 and low at 32.15 marks.
Intraday bias remains bearish till the time pair holds key resistance at 32.22 mark.
On the top side, key resistances are seen at 32.22, 32.60 and 32.89 marks respectively.
Alternatively, a daily close below 32.18 will drag the parity down towards key supports around 32.02, 31.80, 31.68, 31.51, 31.30, 31.20, 31.01 and 30.83 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Thailand Q1 GDP growth y/y increase to 4.8 % (forecast 4 %) vs previous 4 %.
Thailand Q1 GDP growth q/q sa increase to 2 % (forecast 1.05 %) vs previous 0.5 %.
We prefer to take long position in USD/THB only above 31.22, stop loss at 32.02 and target of 32.60.
