FxWirePro: Thai baht erases previous loss against U.S. dollar, short term trend reversal likely
USD/THB is currently trading around 33.15 marks. It made intraday high at 33.18 and low at 33.14 marks. Intraday bias remains bearish till the time pair holds key resistance at 33.22 mark. A daily close below 33.18 will …
It made intraday high at 33.18 and low at 33.14 marks.
Intraday bias remains bearish till the time pair holds key resistance at 33.22 mark.
A daily close below 33.18 will drag the parity down towards key supports around 33.10, 33.03, 32.94, 32.85, 32.77 and 32.54 marks respectively.
On the top side, key resistances are seen at 33.22, 33.38, 33.46, 33.52, 33.77, 33.94, 34.10, 34.23, 34.34, 34.48, 34.55, 34.67 and 34.74 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/THB around 33.17, stop loss at 33.25 and target of 33.05 mark.
