• FxWirePro: Thai Baht rises despite lower than expected GDP data

    Source: FxWire Pro - Technicals / 16 Feb 2020 23:19:52   America/New_York

    • USD/THB is currently trading around 31.15 marks.
       
    • It made intraday high at 31.22 and low at 31.12 marks.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 31.22 mark.
       
    • On the top side, key resistances are seen at 31.21, 31.32, 31.50, 31.70 and 31.92 marks respectively.
       
    • Alternatively, a daily close below 31.11 will drag the parity down towards key supports around 30.97, 30.87, 30.70, 30.56, 30.37, 30.15, 29.96 and 29.72 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 GDP y/y stands at 1.6 pct vs 2.4 pct previous release (expected 2.1 pct).
       
    • Thailand GDP q/q stands at 0.2 pct vs 0.1 pct previous release (expected 0.4 pct).

    We prefer to go long on USD/THB only above 31.22, stop loss at 31.10 and target of 31.50/31.70.

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