FxWirePro: Thai baht erases previous gain against U.S. dollar, short term trend reversal likely
USD/THB is currently trading around 32.57 marks. It made intraday high at 32.58 and low at 32.50 marks . Intraday bias remains slightly bullish till the time pair holds key support at 32.48 mark. A daily close below 32.5…
It made intraday high at 32.58 and low at 32.50 marks
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Intraday bias remains slightly bullish till the time pair holds key support at 32.48 mark.
A daily close below 32.50 will drag the parity down towards key supports around 32.44, 32.34 and 32.24 marks respectively.
On the top side, key resistances are seen at 32.62, 32.70, 32.75, 32.86, 32.92, 33.03, 33.10, 33.22, 33.38, 33.46, 33.52, 33.77 and 33.94 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/THB around 32.54, stop loss at 32.48 and target of 32.70.
