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Thailand Baht: USD/THB (THB) Expected to Move in Wide Range

$THB #Thailand #Baht #USD #Currencies #FX #Trading #Markets

Thailand Baht
Ticker: THB=
Price: 31.15

Outlook

The Thai currency is expected to move between 31.08 and 31.28.

On Monday night, the markets turned positive due to technology stocks. The S&P 500 and Stoxx Europe 600 rose by 0.3 per cent, near the highest point before the Covid-19 crisis.

At the same time, the market was supported by the crude oil price which increased by 1.9 per cent, amid investors’ expectation that the Opec+ representatives would reach an agreement on oil production control.

In the financial market, the US Ten-Year Treasury decreased by three basis points, since investors were not sure the US Congress could stimulate the economy rapidly as expected. This political matter weakened the dollar by 0.2 per cent.

USD/THB Dollar Exchange Rate

Today’s Forex Rates

USD/THB Dollar FX Polls

Economic Events

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 31.32.

The projected upper bound is: 31.41.

The projected lower bound is: 30.92.

The projected closing price is: 31.16.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 22 black candles for a net of 2 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 65.0000. This is not an overbought or oversold reading. The last signal was a buy 8 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 45.30. 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 sell 21 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 34. This is not a topping or bottoming area. The last signal was a buy 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX THB= closed unchanged at 31.160. Volume was 89% below average (consolidating) and Bollinger Bands were 8% narrower than normal.

Open     High     Low      Close    Volume
31.140   31.170   31.130   31.160   207
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bearish
Moving Averages: 10-period     50-period     200-period
Close:           31.12         31.21         31.31
Volatility:      4             5             6
Volume:          1,624         2,093        1,960

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.

Summary

FOREX THB= is currently 0.5% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume out of THB= (mildly bearish). Our trend forecasting oscillators are currently bearish on THB= and have had this outlook for the last 9 periods.

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