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FxWirePro: USD/THB hovers around key support at 31.30 mark, sustained close below requires for downside rally

  • USD/THB is currently trading around 31.31 marks.
     
  • It made intraday high at 31.33 and low at 31.29 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 31.30 mark.
     
  • A daily close below 31.30 will drag the parity down towards key supports around 31.11, 31.01 and 30.83 marks respectively.
     
  • On the top side, key resistances are seen at 31.50, 31.57, 31.80, 31.92, 32.00, 32.13, 32.28, 32.39, 32.46, 32.61 and 32.85 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Thailand will release forex reserves and currency swap data at 0730 GMT.

We prefer to take short position in USD/THB only below 31.30, stop loss at 31.50 and target of 31.11/31.01.

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August 21 07:00 UTC Released

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