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FxWirePro: USD/THB moves in rigid boundaries, stay neutral

  • USD/THB is currently trading around 30.42 marks.
     
  • It made intraday high at 30.43 and low at 30.37 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 30.48 mark.
     
  • On the top side, key resistances are seen at 30.48, 30.72, 30.97, 31.20, 31.50 and 31.70 marks respectively.
     
  • Alternatively, a daily close below 30.35 will drag the parity down towards key supports around 30.24, 30.12 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. Current upside movement is short term trend correction only.

We prefer to go long on USD/THB only above 30.48, stop loss at 30.35 and target of 30.72/30.97.

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