FxWirePro: Thai baht rises on robust GDP data, stay bearish only below 31.18 mark

• USD/THB is currently trading around 31.20 marks.
   
• It made intraday high at 31.27 and low at 31.18 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 31.50 mark.
   
• On the top side, key resistances are seen at 31.44, 31.62, 31.70, 31.93, 32.02 and 32.10 marks respectively.
   
• Alternatively, a daily close below 31.21 will drag the parity down towards key supports around 31.18, 31.10 and 30.94 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Thailand Q4 2018 GDP growth yy increase to 3.7 % (forecast 3.6 %) vs previous 3.3 %.
   
• Thailand 2018 annual GDP growth increase to 4.1 % vs previous 3.9 %.
   
• Thailand Q4 2018 GDP growth qq sa increase to 0.8 % (forecast 0.6 %).

We prefer to take short position on USD/THB only below 31.18, stop loss at 31.40 and target of 30.94 mark.