The Thai baht rose marginally on Monday, headed for a second straight session of gains. The dollar-baht pair is tracking lower after the Bank of Thailand played down concerns about a strong THB on export competitiveness. Thailand’s trade competitiveness has not been much affected by a strong baht and exports can still increase as forecast this year, a central bank official said on Friday, as the baht hit a 26-month high against the US dollar. The baht has risen 7 per cent against the greenback so far this year, the most in Southeast Asia.
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 34.06.
The projected upper bound is: 33.60.
The projected lower bound is: 33.15.
The projected closing price is: 33.38.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 1 white candles and 9 black candles for a net of 8 black candles. During the past 50 bars, there have been 21 white candles and 27 black candles for a net of 6 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 10.6197. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 9 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 21.11. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 80 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 -120.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX THB= closed down -0.050 at 33.400. Volume was 0% above average (neutral) and Bollinger Bands were 44% wider than normal.
Open High Low Close Volume
33.430 33.480 33.370 33.400 11,118
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 33.69 34.00 34.83
Volatility: 3 4 5
Volume: 11,372 10,892 10,768
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 4.1% 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 4 periods. Our momentum oscillator is currently indicating that THB= is currently in an oversold condition.
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