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Thai Baht Outlook
Thailand’s central bank unveiled on Friday new measures related to the baht THB=TH in a bid to help balance capital flows after a rapid appreciation in the currency, an assistant governor said.
The new rules will allow Thais to freely hold and transfer foreign currency deposits and to directly invest more in overseas securities, Vachira Arromdee told a briefing.
The baht traded at 30.31 per U.S. dollar at 0331 GMT after hitting a more than 10-month high of 30.13 on Monday.
On Thursday, the governor said the baht had risen too fast and undermined the country’s fragile economic recovery.
USD/THB Dollar Exchange Rate
Today’s Forex Rates
USD/THB Dollar FX Polls
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 30.77.
The projected upper bound is: 30.56.
The projected lower bound is: 29.94.
The projected closing price is: 30.25.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 57.4469. This is not an overbought or oversold reading. The last signal was a buy 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 30.34. 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 2 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 -48. This is not a topping or bottoming area. The last signal was a buy 5 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 buy 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX THB= closed down -0.020 at 30.270. Volume was 63% below average (consolidating) and Bollinger Bands were 101% wider than normal.
Open High Low Close Volume 30.290 30.300 30.230 30.270 786
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 30.26 31.03 31.55 Volatility: 6 6 6 Volume: 2,330 2,256 2,368
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 4.0% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods.
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 33 periods.