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FxWirePro: Thai baht falls as Thailand’s consumer confidence data fails to meet expectations

Thursday, June 8, 2017 4:03 AM UTC

USD/THB is currently trading around 34.04 marks.
It made intraday high at 34.05 and low at 34.02 marks.

Intraday bias remains slightly bullish till the time pair holds key support at 33.94 marks.
On the top side, key
resistances are seen at 34.07, 34.23, 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 34.02 will drag the parity down towards key supports around 33.94, 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’s May consumer confidence index at 76.0 vs 77.0 in April.

We prefer to take long position in USD/THB around 34.03, stop loss at 33.94 and target of 34.23.

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FxWirePro: Thai baht falls as Thailand’s consumer confidence data fails to meet expectations

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