FxWirePro: USD/THB rejects key support at 32.65 mark, further sideways movement likely
USD/THB is currently trading around 32.76 marks. It made intraday high at 32.78 and low at 32.70 marks. Intraday bias remains slightly bullish for the moment. On the top side, key resistances are seen at 32.83, 32.92, 33…
It made intraday high at 32.78 and low at 32.70 marks.
Intraday bias remains slightly bullish for the moment.
On the top side, key resistances are seen at 32.83, 32.92, 33.07, 33.15, 33.32 and 33.52 marks respectively.
Alternatively, a daily close below 32.73 will drag the parity down towards key supports around 32.65, 32.57, 32.42, 32.20 and 32.07 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.
We prefer to take long position on USD/THB only above 32.83, stop loss at 32.65 and target of 32.92/33.07.
