FxWirePro: USD/THB exhibits range bound movement, bias remains neutral
USD/THB is currently trading around 34.95 marks. It made intraday high at 35.00 and low at 34.94 marks. Intraday bias remains bearish till the time pair holds key resistance at 35.08 marks. On the top side key resistance…
It made intraday high at 35.00 and low at 34.94 marks.
Intraday bias remains bearish till the time pair holds key resistance at 35.08 marks.
On the top side key resistances are seen at 35.08, 35.15, 35.25, 35.45, 35.67, 35.90, 36.05, 36.44 and 36.66 marks respectively.
Alternatively, a daily close below 34.96 will drag the parity down towards key supports around 34.83, 34.64, 34.51 and 34.20 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 only below 34.92, stop loss at 35.08 and target of 34.76/34.64/34.51.
