FxWirePro: USD/THB remains well supported below 31.30 mark, Thailand’s various economic data in focus
USD/THB is currently trading around 31.22 marks. It made intraday high at 31.26 and low at 31.19 marks. Intraday bias remains bearish till the time pair holds key resistance at 31.30 mark. On the top side, key resistance…
It made intraday high at 31.26 and low at 31.19 marks.
Intraday bias remains bearish 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 and 32.28 marks respectively.
Alternatively, a daily close below 31.24 will drag the parity down towards key supports around 31.12, 31.01, 30.83, 30.68 and 30.40 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 manufacturing production data at 0400 GMT.
In addition, Thailand will release current account, trade balance, forex reserves, private investment index, private consumption index and currency swap data around 0730 GMT.
We prefer to take long position in USD/THB only above 31.30, stop loss at 31.08 and target of 31.59/31.75.
