FxWirePro: Thai baht falls on the back of lower than expected industrial production data
USD/THB is currently trading around 34.44 marks. It made intraday high at 34.48 and low at 34.42 marks. Intraday bias remains neutral till the time pair holds key resistance at 34.51 mark. On the top side, key resistance…
It made intraday high at 34.48 and low at 34.42 marks.
Intraday bias remains neutral till the time pair holds key resistance at 34.51 mark.
On the top side, key resistances are seen at 34.51, 34.61, 34.72, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
Alternatively, a daily close below 34.44 will drag the parity down towards key supports around 34.32, 34.20 and 34.01 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Thai February manufacturing output -1.5 pct on year (vs +0.55 pct in poll).
We prefer to take long position in USD/THB around 34.43, stop loss at 34.36 and target of 34.61.
