FxWirePro: USD/THB hovers around 31.30 mark, sustained close above requires for upside rally
USD/THB is currently trading around 31.24 marks. It made intraday high at 31.30 and low at 31.24 marks. Intraday bias remains neutral till the time pair holds key resistance at 31.30 mark. On the top side, key resistance…
It made intraday high at 31.30 and low at 31.24 marks.
Intraday bias remains neutral till the time pair holds key resistance at 31.30 mark.
On the top side, key resistances are seen at 31.30, 31.50, 31.59, 31.75, 31.92, 32.00, 32.13, 32.28, 32.39, 32.46, 32.61 and 32.85 marks respectively.
Alternatively, a daily close below 31.30 will drag the parity down towards key supports around 31.158, 31.08, 31.01 and 30.83 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.
Thailand will release forex reserves and currency swap data at 0730 GMT.
We prefer to take long position in USD/THB only above 31.30, stop loss at 31.15 and target of 31.50/31.75.
