• FxWirePro: Thai Baht falls as industrial production data misses expectations

    Source: FxWire Pro - Technicals / 29 Nov 2017 23:11:13   America/New_York

    • USD/THB is currently trading around 32.64 marks.
       
    • It made intraday high at 32.68 and low at 32.55 marks.
       
    • Intraday bias remains bullish till the time pair holds key support at 32.49 mark.
       
    • A daily close below 32.57 will drag the parity down towards key supports around 32.49, 32.41, 32.34 and 32.24 marks respectively.
       
    • On the top side, key resistances are seen at 32.69, 32.75, 32.86, 32.92, 33.03, 33.10, 33.22, 33.38, 33.46, 33.52, 33.77, 33.94, 34.10, 34.23, 34.34, 34.48, 34.55, 34.67 and 34.74 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.
       
    • Thai Oct manufacturing output +0.48 pct on year (vs +3.2 pct in poll).

    We prefer to take short position in USD/THB around 32.75, stop loss at 32.86 and target of 32.49/32.34.

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