FxWirePro: Thai baht trades marginally higher despite lower than expected consumer confidence data
USD/THB is currently trading around 30.35 marks. It made intraday high at 30.37 and low at 30.33 marks. Intraday bias remains neutral till the time pair holds key resistance at 30.43 mark. On the top side, key resistance…
It made intraday high at 30.37 and low at 30.33 marks.
Intraday bias remains neutral till the time pair holds key resistance at 30.43 mark.
On the top side, key resistances are seen at 30.43, 30.72, 30.97, 31.20, 31.50 and 31.70 marks respectively.
Alternatively, a daily close below 30.37 will drag the parity down towards key supports around 30.26, 30.16, 30.02, 29.84 and 29.55 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Thailand’s consumer confidence stands at 69.1 vs 70.7 previous release.
We prefer to go long on USD/THB only above 30.37, stop loss at 30.30 and target of 30.72.
