Small pullback near 31.3xSee my weekly chart for your perusal. Taking into account that price has been quite overbought in the dollar against most pairs, I would feel more confident taking short at current levels for a 50 pips correction more or less before resuming the uptrend.
It also looks like a cup and handle pattern.
USDTHB trade ideas
USD/THB Hello traders , i took a long on USD/THB last week as how i use my fibb to measure previous correlation on bigger timeframes i measured the retracement to see where my next target as for everyones specific entry rules i took mine above the liquidity areaand waiting for my target to hit i will update this chart incase of any price movement changes
USDTHB Long oportunity?Hi everyone, looking at monthly chart, we can see that we are approching support from 2007,2008,2013 and 2019, also around the support line we have a fibonnaci extension from the AB corrective wave. From there we may see a price rise. I would like to point out that Thailand is beloved by many people as holiday destination, which may be a trigger to the upside once holiday will be allowed as many people are being vaccinated.
Also check GBPTHB analysis which points the same direction.
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
"A is for my attitude working through the patience
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RidetheMacro| USDTHB Market Commentary 2020.09.21As the drivers of exports and tourism continue to be missing in action, the negative GDP growth trend is here to stay for the rest of the year, and perhaps beyond. Rising political uncertainty is another reason why we expect the Thai baht to remain one of Asia's weakest currencies over the remainder of the year.
๐ฆ Thailand has been one of Asiaโs Covid-19 success stories. It was the first Asian country outside China to report infections but also the first one to have the outbreak under control.
โก However, the economy hasn't been spared from the fallout of this global Covid-19 pandemic. A 12% GDP plunge in 2Q was the steepest since the Asian crisis in 1998. Without vigorous exports and a recovery in tourism, a couple more quarters of negative growth remains our baseline.
๐ High unemployment and weak demand have pushed inflation into negative territory. Inflation should continue to be a non-issue for the economy and for policy throughout 2021-2021.
๐ Covid-19 stimulus worth a total of 14.5% of GDP places Thailand in the ranks of the big spenders throughout in this cOVID-19 crisis. A little over half of this comprises a genuine boost.๐
๐ The economy is sinking into a recession. The recovery is going to be even slower than the most recent crisis.
Thanks for keeping the feedback coming ๐ or ๐
Ridethemacro
USDTHB structure replayFirst time I forecast this exotic I believe. Instantly noticed this diagonal trend and the bearish candles for August and September '18 lookalikes. Based on this and more possibly current bullish candle to turn bearish up to 30.6, 30.2 or even all the way down to 29.7. Then a bullish candle for October and another two bearish for November and December targeting 28.55.
Thailand may see lesser US tourists already ongoing from October '15. Wasn't that when FED started printing?
Note the volumes of late '08 and '09 and now at higher levels than previous years from March '18 till date. If volume spikes like March '09 repeat this pair might hit new record lows. Even more as the diagonal downtrend may be recognised as part of a descending triangle and signal a accelerated breakdown.
UJ Seasonality agrees as USD devaluation has broken pre-covid lows back July and momentum has not signalled to reverse imho.