• FxWirePro: USD/THB trades in narrow range, short term trend reversal likely

    Source: FxWire Pro - Technicals / 22 Jul 2018 23:10:35   America/New_York

    • USD/THB is currently trading around 33.34 marks.
       
    • It made intraday high at 33.36 and low at 33.29 marks.
       
    • Intraday bias remains neutral for the moment.
       
    • On the top side, key resistances are seen at 33.52, 33.78 and 33.96 marks respectively.
       
    • Alternatively, a daily close below 33.34 will drag the parity down towards key supports around  33.22, 33.02, 32.90, 32.66 and 32.50 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.

    Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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