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FxWirePro: Thai baht trades almost flat against U.S. dollar as GDP data misses expectations

  • USD/THB is currently trading around 31.27 marks.
     
  • It made intraday high at 31.31 and low at 31.25 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 31.18 mark.
     
  • A daily close below 31.30 will drag the parity down towards key supports around 31.18, 31.11, 31.01 and 30.83 marks respectively.
     
  • On the top side, key resistances are seen at 31.35, 31.50, 31.75, 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 Q4 GDP growth y/y decrease to 4 % (forecast 4.4 %) vs previous 4.3 %.
     
  • Thailand Q4 GDP growth q/q sa decrease to 0.5 % (forecast 0.7 %) vs previous 1 %.

We prefer to take long position in USD/THB only above 31.32, stop loss at 31.18 and target of 31.50/31.75.

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