FxWirePro:USD/THB breaks key resistance at 31.30 mark, bias remains bullish

• USD/THB is currently trading around 31.37 marks.
   
• It made intraday high at 31.39 and low at 31.30 marks.
   
• Intraday bias remains bullish till the time pair holds key resistance at 31.20 mark.
   
• On the top side, key resistances are seen at 31.50, 31.59, 31.75, 31.92, 32.00, 32.13 and 32.28 marks respectively.
   
• Alternatively, a daily close below 31.34 will drag the parity down towards key supports around 31.20, 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. Current upside movement is short term trend correction only.
   
• Thailand March custom-based export data decrease to 7.06 % (forecast 8 %) vs previous 10.3 %.
   
• Thailand March custom-based import data decrease to 9.47 % (forecast 11.6 %) vs previous 16 %.
   
• Thailand March customs-based trade data increase to 1.27 bln us (forecast 0.7 bln us) vs previous 0.81 bln us.

We prefer to take long position in USD/THB around 31.32, stop loss at 31.20 and target of 31.59.

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