Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Thai baht trades marginally higher despite lower than expected GDP data

  • USD/THB is currently trading around 30.86 marks.
     
  • It made intraday high at 30.93 and low at 30.84 marks.
     
  • Intraday bias remainsbearish  till the time pair holds key resistance at 30.97 marks.
     
  • On the top side, key resistances are seen at  30.97, 31.20, 31.50, 31.70, 31.99, 32.10, 32.22 and 32.54 marks respectively.
     
  • Alternatively, a daily close below 30.70 will drag the parity down towards key supports around 30.56, 30.42, 30.28 and 30.12 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 GDP y/y 2.3 pct vs 2.8 pct previous release.
     
  • Thailand GDP q/q 0.6 pct vs 1.00 pct previous release.

We prefer to go long on USD/THB only above 30.94, stop loss at 30.80 and target of 31.20 mark.

By Aarti Panchal
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.