FxWirePro: Thai baht erases previous gain against U.S. dollar, short term trend reversal likely

• USD/THB is currently trading around 32.57 marks.
   
• It made intraday high at 32.58 and low at 32.50 marks
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• Intraday bias remains slightly bullish till the time pair holds key support at 32.48 mark.
   
• A daily close below 32.50 will drag the parity down towards key supports around 32.44, 32.34 and 32.24 marks respectively.
   
• On the top side, key resistances are seen at 32.62, 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. Current upside movement is short term trend correction only.

We prefer to take long position in USD/THB around 32.54, stop loss at 32.48 and target of 32.70.

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