FxWirePro: USD/THB trades in narrow range, short term trend reversal likely
USD/THB is currently trading around 33.34 marks. It made intraday high at 33.36 and low at 33.29 marks. Intraday bias remains neutral for the moment. On the top side, key resistances are seen at 33.52, 33.78 and 33.96 ma…
It made intraday high at 33.36 and low at 33.29 marks.
Intraday bias remains neutral for the moment.
On the top side, key resistances are seen at 33.52, 33.78 and 33.96 marks respectively.
Alternatively, a daily close below 33.34 will drag the parity down towards key supports around 33.22, 33.02, 32.90, 32.66 and 32.50 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside 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.
