FxWirePro: Thai baht erases previous gain against U.S. dollar, short term trend reversal likely
USD/THB is currently trading around 33.64 marks. It made intraday high at 33.66 and low at 33.56 marks. Intraday bias remains bullish till the time pair holds key support at 33.55 mark. On the top side, key resistances a…
It made intraday high at 33.66 and low at 33.56 marks.
Intraday bias remains bullish till the time pair holds key support at 33.55 mark.
On the top side, key resistances are seen at 33.67, 33.77, 33.94, 34.10, 34.23, 34.34, 34.48, 34.55, 34.67, 34.74, 34.82, 34.97, 35.11 and 35.20 marks respectively.
Alternatively, a daily close below 33.55 will drag the parity down towards key supports around 33.01 and 32.54 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 only above 33.67, stop loss 33.55 and target of 33.94.
