FxWirePro: USD/THB trades in narrow range ahead of Thailand’s current account, trade balance data
USD/THB is currently trading around 33.99 marks. It made intraday high at 34.00 and low at 33.97 marks. Intraday bias remains neutral till the time pair holds key resistance at 34.00 mark. On the top side, key resistance…
It made intraday high at 34.00 and low at 33.97 marks.
Intraday bias remains neutral till the time pair holds key resistance at 34.00 mark.
On the top side, key resistances are seen at 34.05, 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 34.00 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. Current upside movement is short term trend correction only.
Thailand will release multiple economic data at 0730 GMT.
We prefer to take short position in USD/THB only below 33.82, stop loss 34.05 and target of 33.58.
