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FxWirePro: USD/THB stabilizes above 31.00 mark, good to sell on rallies

  • USD/THB is currently trading around 31.11 marks.
     
  • It made intraday high at 31.14 and low at 31.09 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 31.30 mark.
     
  • On the top side, key resistances are seen at 31.30, 31.44, 31.62, 31.70, 31.93, 32.02 and 32.10 marks respectively.
     
  • Alternatively, a daily close below 31.10 will drag the parity down towards key supports around 30.94, 30.20 and 29.66 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/THB around 31.15, stop loss at 31.30 and target of 30.94/30.66. mark.

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