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FxWirePro: Thai baht depreciates as GDP data misses expectations

  • USD/THB is currently trading around 32.96 marks.
     
  • It made intraday high at 32.98 and low at 32.83 marks.
     
  • Intraday bias remains slightly bullish for the moment.
     
  • On the top side, key resistances are seen at 33.02, 33.15, 33.32, 33.52, 33.78 and 33.96 marks respectively.
     
  • Alternatively, a daily close below 32.82 will drag the parity down towards key supports around 32.68, 32.57, 32.42, 32.20 and 32.07 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Thailand Q3 2018 GDP growth yy decrease to 3.3 % (forecast 4.2 %) vs previous 4.6 %.

We prefer to take long position on USD/THB around 32.92, stop loss 32.80 and target of 33.02/33.15.

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