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FxWirePro: Thai baht trades marginally lower after CPI, core CPI data

  • USD/THB is currently trading around 31.57 marks.
     
  • It made intraday high at 31.58 and low at 31.54 marks.
     
  • Intraday bias remains slightly bullish for the moment.
     
  • On the top side, key resistances are seen at 31.64, 31.75, 31.92, 32.00, 32.13 and 32.28 marks respectively.
     
  • Alternatively, a daily close below 31.50 will drag the parity down towards key supports around 31.30, 31.20, 31.01 and 30.83 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
     
  • Thai April headline CPI +1.07 pct on year (vs +0.87 pct in poll).
     
  • Thai April core CPI +0.64 pct on year (vs +0.67 pct in poll).

    We prefer to take long position in USD/THB around 31.55, stop loss at 31.42 and target of 31.75/31.92.

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