FxWirePro: Thai baht gains on robust consumer confidence data
USD/THB is currently trading around 34.63 marks. It made intraday high at 34.67 and low at 34.54 marks. Intraday bias remains bullish till the time pair holds key support at 34.52 mark. On the top side, key resistances a…
It made intraday high at 34.67 and low at 34.54 marks.
Intraday bias remains bullish till the time pair holds key support at 34.52 mark.
On the top side, key resistances are seen at 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 34.57 will drag the parity down towards key supports around 34.45, 34.35, 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. Current upside movement is short term trend correction only.
Thailand’s March consumer confidence index at 76.8 vs 75.8 in February.
We prefer to take short position in USD/THB only below 34.57, stop loss at 34.69 and target of 34.35.
