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FxWirePro: USD/THB remains well supported below 34.00 mark, short term trend reversal likely

  • USD/THB is currently trading around 33.97 marks.
     
  • It made intraday high at 34.00 and low at 33.96 marks.
     
  • Intraday bias remains neutral for the moment.
     
  • On the top side, key resistances are seen at 34.02, 34.27, 34.34, 34.48, 34.55, 34.67, 34.74, 34.82, 34.97, 35.11 and 35.20 marks respectively.
     
  • Alternatively, a daily close below 33.97 will drag the parity down towards key supports around 33.90, 33.82, 33.74, 33.58, 33.01 and 32.54 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position in USD/THB only above 34.02, stop loss 33.90 and target of 34.27.

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