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FxWirePro: Thai baht turns to positive on robust CPI data

  • USD/THB is currently trading around 32.06 marks.
     
  • It made intraday high at 32.12 and low at 32.04 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 32.20 mark.
     
  • On the top side, key resistances are seen at 32.20, 32.48, 32.60 and 32.89 marks respectively.
     
  • Alternatively, a daily close below 32.05 will drag the parity down towards key supports around 32.02, 31.86, 31.68, 31.51, 31.30 and 31.20 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Thailand May CPI headline inflation increase to 1.49 % (forecast 0.8 %) vs previous 1.07 %.
     
  • Thailand May CPI core inflation yy increase to 0.8 % (forecast 0.7 %) vs previous 0.64 %.

We prefer to take short position in USD/THB only below 32.04, stop loss at 32.13 and target of 31.86.

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