FxWirePro: Thai baht erases previous loss against U.S. dollar, short term trend reversal likely
USD/THB is currently trading around 30.96 marks. It made intraday high at 31.15 and low at 30.95 marks. Intraday bias remains bearish till the time pair holds key resistance at 31.25 mark. On the top side, key resistance…
It made intraday high at 31.15 and low at 30.95 marks.
Intraday bias remains bearish till the time pair holds key resistance at 31.25 mark.
On the top side, key resistances are seen at 31.25, 31.37, 31.50, 31.70 and 31.92 marks respectively.
Alternatively, a daily close below 31.05 will drag the parity down towards key supports around 30.87, 30.70, 30.56, 30.37, 30.15, 29.96 and 29.72 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.
We prefer to go long on USD/THB around 30.90, stop loss at 30.70 and target of 31.25/31.37
