FxWirePro: USD/THB rejects key support at 31.58 Mark, stay bullish only above 31.78 Mark
Source: FxWire Pro - Technicals / 14 Mar 2019 22:34:41 America/New_York
• USD/THB is currently trading around 31.76 marks.
• It made intraday high at 31.78 and low at 31.74 marks.
• Intraday bias remains bullish till the time pair holds key support at 31.58 mark.
• On the top side, key resistances are seen at 31.78, 31.92, 32.02, 32.10, 32.22 and 32.54 marks respectively.
• Alternatively, a daily close below 31.77 will drag the parity down towards key supports around 31.58, 31.42, 31.28, 31.20, 31.06, 30.94, 30.20 and 29.66 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 will release forex reserves and currency swap data at 0730 GMT.
We prefer to take long position on USD/THB only above 31.78, stop loss 31.70 and target of 31.92/32.02 mark.
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