FxWirePro: Thai baht trades marginally higher despite lower than expected consumer confidence data

• USD/THB is currently trading around 31.38 marks.
   
• It made intraday high at 31.45 and low at 31.34 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 31.70 marks.
   
• On the top side, key resistances are seen at 31.70, 31.94, 32.10, 32.22 and 32.54 marks respectively.
   
• Alternatively, a daily close below 31.31 will drag the parity down towards key supports around 31.20 and 31.06 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Thailand May 2019 consumer confidence index decrease to 77.7 vs previous 79.2.

We prefer to take short position on USD/THB around 31.40, stop loss at 31.60 and target of 31.28/31.06.