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FxWirePro: Thai baht trades marginally higher on robust consumer confidence data

  • USD/THB is currently trading around 32.60 marks.
     
  • It made intraday high at 32.64 and low at 32.60 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 32.70 mark.
     
  • A daily close below 32.61 will drag the parity down towards key supports around 32.57, 32.49, 32.41, 32.34 and 32.24 marks respectively.
     
  • On the top side, key resistances are seen at 32.70, 32.75, 32.86, 32.92, 33.03, 33.10, 33.22, 33.38, 33.46, 33.52, 33.77 and 33.94 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Thai Nov consumer confidence index at 78.0 vs 76.7 in October.

We prefer to take short position in USD/THB around 32.62, stop loss at 32.70 and target of 32.49/32.41.

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