FxWirePro: USD/THB hovers around key support at 31.90 mark, sustained close below requires for downside rally
USD/THB is currently trading around 31.88 marks. It made intraday high at 31.96 and low at 31.87 marks. Intraday bias remains bearish till the time pair holds key resistance at 32.02 mark. On the top side, key resistance…
It made intraday high at 31.96 and low at 31.87 marks.
Intraday bias remains bearish till the time pair holds key resistance at 32.02 mark.
On the top side, key resistances are seen at 32.02, 32.12, 32.23, 32.48, 32.60 and 32.89 marks respectively.
Alternatively, a daily close below 31.90 will drag the parity down towards key supports around 31.68, 31.51, 31.30 and 31.20 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 around 31.90, stop loss at 32.02 and target of 31.68.
