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FxWirePro: Thai baht trades marginally higher despite lower than expected consumer confidence data

  • USD/THB is currently trading around 30.35 marks.
     
  • It made intraday high at 30.37 and low at 30.33 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 30.43 mark.
     
  • On the top side, key resistances are seen at 30.43, 30.72, 30.97, 31.20, 31.50 and 31.70 marks respectively.
     
  • Alternatively, a daily close below 30.37 will drag the parity down towards key supports around 30.26, 30.16, 30.02, 29.84 and 29.55 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Thailand’s consumer confidence stands at 69.1 vs 70.7 previous release.

We prefer to go long on USD/THB only above 30.37, stop loss at 30.30 and target of 30.72.

By Aarti Panchal
  • Market Data
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