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FxWirePro: Thai baht rises gradually against U.S. dollar, stay bearish

  • USD/THB is currently trading around 30.78 marks.
     
  • It made intraday high at 30.84 and low at 30.76 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 30.90 marks.
     
  • On the top side, key resistances are seen at 30.90, 31.20, 31.50, 31.70 and 31.99 marks respectively.
     
  • Alternatively, a daily close below 30.84 will drag the parity down towards key supports around 30.50, 30.18 and 30.02 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

    We prefer to take short position on USD/THB around 30.80, stop loss at 31.02 and target of 30.50/30.18.
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