FxWirePro: USD/THB hovers around 31.70 mark, consistent close below requires for downside rally
USD/THB is currently trading around 31.70 marks. It made intraday high at 31.73 and low at 31.66 marks. Intraday bias remains neutral till the time pair holds key support at 31.70 mark. On the top side, key resistances a…
It made intraday high at 31.73 and low at 31.66 marks.
Intraday bias remains neutral till the time pair holds key support at 31.70 mark.
On the top side, key resistances are seen at 31.93, 32.02, 32.10, 32.22 and 32.48 marks respectively.
Alternatively, a daily close below 31.70 will drag the parity down towards key supports around 31.57, 31.46, 31.24 and 31.10 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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
