FxWirePro: USD/THB rejects key support at 34.32 mark, short term trend reversal likely

• USD/THB is currently trading around 34.40 marks.
   
• It made intraday high at 34.46 and low at 34.36 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 34.32 mark.
   
• On the top side, key resistances are seen at 34.52, 34.61, 34.72, 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 34.37 will drag the parity down towards key supports around 34.32, 34.20 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.
   
• The key event from the Thailand is interest rate decision due tomorrow at 0730 GMT.
   
• Poll - All 24 economists expect Thai Central Bank to hold benchmark rate at 1.50 pct on Wednesday.
   
• Poll - 12 economists see no Thai rate change for all of 2017, 4 see a hike by year-end.

We prefer to take long position in USD/THB around 34.40, stop loss at 34.32 and target of 34.58.