FxWirePro: Thai baht appreciates sharply in early hours of Asia, bias remains bearish
USD/THB is currently trading around 35.17 marks. It made intraday high at 35.41 and low at 34.94 marks. Intraday bias remains bearish for the moment. On the top side key resistances are seen at 35.90, 36.05, 36.44 and 36…
It made intraday high at 35.41 and low at 34.94 marks.
Intraday bias remains bearish for the moment.
On the top side key resistances are seen at 35.90, 36.05, 36.44 and 36.66 marks respectively.
Alternatively, a daily close below 35.45 will drag the parity down towards key supports around 35.28, 35.06, 34.77, 34.51 and 34.20 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 will release Forex reserves and Currency swaps data at 0730 GMT.
We prefer to go long on USD/THB around 34.95, stop loss 34.55 and target 35.48/35.90/36.05/36.44.
