- USD/THB is currently trading around 34.09 marks.
- It made intraday high at 34.10 and low at 34.06 marks.
- Intraday bias remains bullish till the time pair holds key support at 34.00 mark.
- On the top side, key resistances are seen at 34.09, 34.27, 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 34.05 will drag the parity down towards key supports around 33.95, 33.82, 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 will release forex reserves and currency swap data at 0730 GMT.
We prefer to take long position in USD/THB around 34.07, stop loss 34.00 and target of 34.27.
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