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FxWirePro: USD/THB fails to fall below 31.80 mark, further sideways movement likely

  • USD/THB is currently trading around 31.90 marks.
     
  • It made intraday high at 31.93 and low at 31.89 marks.
     
  • Intraday bias remains neutral for the moment.
     
  • On the top side, key resistances are seen at 32.02, 32.10, 32.22, 32.48, 32.70, 32.83 and 32.92 marks respectively.
     
  • Alternatively, a daily close below 31.90 will drag the parity down towards key supports around  31.83, 31.60 and 31.24 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/THB around 31.90, stop loss at 32.02 and target of 31.83/31.60/31.24.

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