USD/THB: Recovery coming...
The near term chart shows all signs of a bullish breakout. Clearing 31.303 triggers a new (intraday) uptrend towards 31.54, 31.81 and perhaps a tat higher. Such a rally is nevertheless classified as a counter trend rally within the longer term down trend. moreover, it will be the first noteworthy recovery since the down trend commenced in Q4-2016<>Q1-2017. Weekly resistance levels come in at 31.58, 31.91 up to 32.30.
So despite the significant upside potential the overall trend remains negative for the USD. Buying is justifiable but with elevated risk; no certainty that the projections will me reached and trading against the main trend. So much needs to be done to change the long term trend that we won't go into that now.
Near term trend: neutral (positive > 31.303
Long term trend: negative
Outlook: recovery likely
Strategy: exit-short and/or trading-buy
Support: 31.107 / 30.858*
Resistance: 31.303 / 31.54 / 31.58 / 31.91 / 32.30+
Outlook cancelled/neutralized: below 31.107
So despite the significant upside potential the overall trend remains negative for the USD. Buying is justifiable but with elevated risk; no certainty that the projections will me reached and trading against the main trend. So much needs to be done to change the long term trend that we won't go into that now.
Near term trend: neutral (positive > 31.303
Long term trend: negative
Outlook: recovery likely
Strategy: exit-short and/or trading-buy
Support: 31.107 / 30.858*
Resistance: 31.303 / 31.54 / 31.58 / 31.91 / 32.30+
Outlook cancelled/neutralized: below 31.107
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