FxWirePro: Thai baht falls gradually against U.S. dollar, good to buy on dips
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 a…
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.
