FxWirePro: USD/THB trades in narrow range, bias remains neutral
USD/THB is currently trading around 35.01 marks. It made intraday high at 35.03 and low at 35.00 marks. Intraday bias remains neutral till the time pair holds immediate support at 34.99 marks. On the top side key resista…
It made intraday high at 35.03 and low at 35.00 marks.
Intraday bias remains neutral till the time pair holds immediate support at 34.99 marks.
On the top side key resistances are seen at 35.11, 35.21, 35.33, 35.41, 35.67, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
Alternatively, a daily close below 34.99 will drag the parity down towards key supports around 34.85, 34.64, 34.51 and 34.20 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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
