FxWirePro: Thai baht remains unchanged after trade balance data

• USD/THB is currently trading around 31.51 marks.
   
• It made intraday high at 31.55 and low at 31.48 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 31.35 mark.
   
• On the top side, key resistances are seen at 31.55, 31.75, 31.92, 32.00, 32.13, 32.28, 32.39, 32.46, 32.61 and 32.85 marks respectively.
   
• Alternatively, a daily close below 31.51 will drag the parity down towards key supports around 31.35, 31.25, 31.18, 31.11, 31.01 and 30.83 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.
   
• Thai Jan customs-cleared trade balance -0.12 bln dlrs (vs +0.33 bln dlrs in poll).
   
• Thai Jan customs-cleared imports +24.3 pct yr/yr (vs +15.0 pct in poll).
   
• Thai Jan customs-cleared exports +17.6 pct yr/yr (vs +11.05 pct in poll).

We prefer to take long position in USD/THB only above 31.55, stop loss at 31.35 and target of 31.92.

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