USD/THB 1H Chart: Medium-term channel in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellBuy
Aggregate

The USD/THB has been trading down since the end of April after it reversed south from the upper boundary of the medium-term ascending channel at the 32.12 mark.  

Currently, the exchange rate is testing the lower channel line at 31.42. From a theoretical perspective, it is expected, that a reversal north could occur in the nearest future. However, the rate has to surpass the resistance cluster formed by the 55-, 100– and 200-hour SMA located in the 31.62/31.84 range. 

If the given resistance holds, it is likely, that a breakout south could occur soon. A possible downside target is the Fibonacci 100.00% retracement at 31.11.

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