FxWirePro: USD/THB breaks key support at 33.93 mark, stay bearish
USD/THB is currently trading around 33.91 marks. It made intraday high at 33.94 and low at 33.90 marks. Intraday bias remains bearish till the time pair holds key resistance at 33.99 mark. On the top side, key resistance…
It made intraday high at 33.94 and low at 33.90 marks.
Intraday bias remains bearish till the time pair holds key resistance at 33.99 mark.
On the top side, key resistances are seen at 33.99, 34.10, 34.23, 34.34, 34.48, 34.55, 34.67, 34.74, 34.82, 34.97, 35.11 and 35.20 marks respectively.
Alternatively, a daily close below 33.93 will drag the parity down towards key supports around 33.82, 33.74, 33.58, 33.01 and 32.54 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Thailand will release Forex reserves and currency swap data at 0730 GMT.
We prefer to take short position in USD/THB around 33.92, stop loss 34.01 and target of 33.82/33.58.
