FxWirePro: Thai baht remains almost unchanged after industrial production data
USD/THB is currently trading around 30.83 marks. It made intraday high at 30.87 and low at 30.81 marks. Intraday bias remains slightly bearish till the time pair holds key resistance at 30.95 marks. On the top side, key …
It made intraday high at 30.87 and low at 30.81 marks.
Intraday bias remains slightly bearish till the time pair holds key resistance at 30.95 marks.
On the top side, key resistances are seen at 30.95, 31.20, 31.50, 31.70, 31.99, 32.10, 32.22 and 32.54 marks respectively.
Alternatively, a daily close below 30.85 will drag the parity down towards key supports around 30.56, 30.42, 30.28 and 30.12 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 industrial production y/y at -5.54 pct vs -3.99 pct previous release.
We prefer to take short position on USD/THB around 30.90, stop loss at 30.98 and target of 30.56.
