FxWirePro: Thai baht falls as Thailand’s consumer confidence data fails to meet expectations

• USD/THB is currently trading around 34.04 marks.
   
• It made intraday high at 34.05 and low at 34.02 marks.


• Intraday bias remains slightly bullish till the time pair holds key support at 33.94 marks. 
   
• On the top side, key
  resistances are seen at 34.07, 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 34.02 will drag the parity down towards key supports around 33.94, 33.74, 33.58, 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.
   
• Thailand’s May consumer confidence index at 76.0 vs 77.0 in April.

We prefer to take long position in USD/THB around 34.03, stop loss at 33.94 and target of 34.23.