FxWirePro: Thai baht falls as trade balance data misses expectations

• USD/THB is currently trading around 31.97 marks.
   
• It made intraday high at 31.99 and low at 31.93 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 31.70 marks.
   
• On the top side, key resistances are seen at 31.99, 32.10, 32.22 and 32.54 marks respectively.
   
• Alternatively, a daily close below 31.95 will drag the parity down towards key supports around 31.70, 31.40, 31.28, 31.20 and 31.06 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Thailand April 2019 custom-based export data increase to -2.57 % (forecast -2.5 %) vs previous -4.88 %.
   
• Thailand April 2019 custom-based import data increase to -0.72 % (forecast -4.6 %) vs previous -7.63 %.
   
• Thailand April 2019 customs-based trade data decrease to -1.46 usd (forecast -0.49 usd) vs previous 2 usd.

We prefer to take long position on USD/THB around 31.90, stop loss at 31.70 and target of 32.22.