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FxWirePro: Thai baht trades marginally higher against U.S. dollar, short term trend reversal likely

  • USD/THB is currently trading around 33.11 marks.
     
  • It made intraday high at 33.17 and low at 33.07 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 33.30 mark.
     
  • On the top side, key resistances are seen at 33.30, 33.48 and 33.78 marks respectively.
     
  • Alternatively, a daily close below 33.02 will drag the parity down towards key supports around  32.90, 32.66 and 32.50 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position in USD/THB around 33.12, stop loss at 33.20 and target of 33.02/32.90.

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