• FxWirePro: Thai Baht appreciates on the back of higher than expected GDP data, market awaits trade balance data

    Source: FxWire Pro - Technicals / 20 May 2018 23:19:44   America/New_York

    • USD/THB is currently trading around 32.16 marks.
       
    • It made intraday high at 32.20 and low at 32.15 marks.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 32.22 mark.
       
    • On the top side, key resistances are seen at 32.22, 32.60 and 32.89 marks respectively.
       
    • Alternatively, a daily close below 32.18 will drag the parity down towards key supports around 32.02, 31.80, 31.68, 31.51, 31.30, 31.20, 31.01 and 30.83 marks respectively.
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
       
    • Thailand Q1 GDP growth y/y increase to 4.8 % (forecast 4 %) vs previous 4 %.
       
    • Thailand Q1 GDP growth q/q sa increase to 2 % (forecast 1.05 %) vs previous 0.5 %.

    We prefer to take long position in USD/THB only above 31.22, stop loss at 32.02 and target of 32.60.

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