USD/THB risks further retracements – UOB

Pablo Piovano FXStreet

Quek Ser Lean at UOB Group’s Global Economics & Markets Research noted USD/THB could depreciate further in the coming periods.

Key Quotes

“Our expectations for USD/THB to trade sideways last week was incorrect as the break of 32.96 led to a sharp and rapid decline. Note that USD/THB closed below the 55-day exponential moving average for the first time since mid-June last Friday.”

“While shorter-term conditions are oversold, the rapid and impulsive decline suggests that there is room for further USD/THB weakness.”

“However, the next major support at 32.26 (50% retracement of the 2-month rally from 31.03 to 33.49) could be out of reach this week. Resistance is at 32.67 but only a break of 32.84 would indicate that the current weakness has stabilized.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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