The baht continues to rise further and it is adversely affecting exports. The Middle East is the biggest export market for Thai canned tuna, accounting for around 40%. It is followed by the US at 20%, Australia 10%, while the EU, Japan and Canada’s combined share stands at around 30%. Thai exports for canned tuna are expected to miss their target of 80 billion baht as the stronger baht bites into the country’s competitive edge.
U.S. President Donald Trump’s policies are turning geopolitics “upside down,” but Asian businesses are well-positioned to take advantage of the shifting world order, according to Thai Deputy Prime Minister Somkid Jatusripitak. Asia is becoming a “center of the world economy.” He touched on how countries in the region have “become strong again,” 20 years after currencies crashed in the Asian financial crisis, starting with the Thai baht. Higher foreign exchange reserves and “impressive economic growth” have made these countries “an enticing spot for attracting foreign investment.”
Thailand must adjust its manufacturing structure from relying on cost for competition to relying on innovation and creativity
Overall, the bias in prices is: Downwards.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 33.97.
The projected lower bound is: 33.52.
The projected closing price is: 33.74.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 21 white candles and 26 black candles for a net of 5 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 11.4580. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 3 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 32.00. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 74 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -216.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX THB= closed down -0.160 at 33.760. Volume was 5% below average (neutral) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume
33.930 33.950 33.720 33.760 10,532
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 33.99 34.14 34.88
Volatility: 4 4 5
Volume: 10,227 10,762 10,708
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX THB= is currently 3.2% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of THB= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on THB= and have had this outlook for the last 8 periods.
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