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FxWirePro: USD/THB hits fresh 3-week low at 31.47 mark, good to sell on rallies

  • USD/THB is currently trading around 31.51 marks.
     
  • It made intraday high at 31.60 and low at 31.47 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 31.94 marks.
     
  • On the top side, key resistances are seen at 31.94, 32.10, 32.22 and 32.54 marks respectively.
     
  • Alternatively, a daily close below 31.52 will drag the parity down towards key supports around 31.40, 31.28, 31.20 and 31.06 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 31.55, stop loss at 31.70 and target of 31.40/31.28.

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