USD/THB is currently trading around 33.64 marks
Most Asian currencies edged up on Tuesday as the dollar came under renewed pressure, with the Thai baht hitting its strongest in more than two years and the won climbing to a 1-month high. Uncertainty over the pace of the Federal Reserve’s policy tightening and worries that President Donald Trump will fail to deliver healthcare reforms hit the dollar.
The baht skyrockets with other Asian currencies, hitting its strongest level since June 2015.
- It made intraday high at 33.66 and low at 33.56 marks.
- Intraday bias remains bullish till the time pair holds key support at 33.55 mark.
- On the top side, key resistances are seen at 33.67, 33.77, 33.94, 34.10, 34.23, 34.34, 34.48, 34.55, 34.67, 34.74, 34.82, 34.97, 35.11 and 35.20 marks respectively.
- Alternatively, a daily close below 33.55 will drag the parity down towards key supports around 33.01 and 32.54 marks respectively.
Overall, the bias in prices is: Downwards.
Short term: Prices are moving.
Intermediate term: Prices are ranging.
By the way, prices are vulnerable to a correction towards 34.21.
The projected upper bound is: 33.83.
The projected lower bound is: 33.38.
The projected closing price is: 33.61.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 27 black candles for a net of 6 black candles.
Rex Takasugi – TD Profile
FOREX THB= closed up 0.060 at 33.630. Volume was 64% below average (consolidating) and Bollinger Bands were 0% narrower than normal.
Open High Low Close Volume
33.570 33.670 33.530 33.630 3,991
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 33.88 34.07 34.86
Volatility: 5 4 5
Volume: 10,013 10,706 10,724
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.
short term trend reversal likely.
FOREX THB= is currently 3.5% below its 200-period moving average and is in an downward 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 bearish on THB= and have had this outlook for the last 1 periods.
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