- USD/THB is currently trading around 30.23 marks.
- It made intraday high at 30.25 and low at 30.21 marks.
- Intraday bias remains slightly bullish till the time pair holds key support at 30.16 mark.
- On the top side, key resistances are seen at 30.40, 30.72, 30.97, 31.20, 31.50 and 31.70 marks respectively.
- Alternatively, a daily close below 30.23 will drag the parity down towards key supports around 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. Current upside movement is short term trend correction only.
- Thailand industrial production Sept y/y stands at -4.7 pct vs -4.40 pct previous release (expected -2.05).
We prefer to go short on USD/THB around 30.27, stop loss at 30.40 and target of 30.16/30.02/29.84.
