FxWirePro: USD/THB hits fresh 2-month high at 34.79 mark, stay bullish
Wednesday, May 10, 2017 3:54 AM UTC
- USD/THB is currently trading around 34.76 marks.
- It made intraday high at 34.78 and low at 34.75 marks.
- Intraday bias remains bullish till the time pair holds key support at 34.63 marks.
- On the top side, key resistances are seen at 34.79, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
- Alternatively, a daily close below 34.77 will drag the parity down towards key supports around 34.63, 34.54, 34.40, 34.34, 34.24 and 34.01 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/THB only above 34.79, stop loss at 34.63 and target of 35.11.