USD/THB 1H Chart: Descending triangle in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The USD/THB currency pair has been trading in a descending triangle since the end of October.  

From a theoretical point of view, a breakout north from the pattern occurs in the nearest future. A potential upside target is the upper boundary of the medium-term descending channel located circa 3.20. Technical indicators for the 1W time frame support bullish scenario. 

However, important resistance level to surpass is a combination of the 55-, 100– and 200-hour SMAs in the 33.00 area. If given level holds, it is likely that the pair goes downside to the Fibonacci 38.20% retracement at 32.59.

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