THBUSD breaks above 50-day moving average for the first time since July 13th


Thai Baht/US Dollar (THBUSD) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

THBUSD breaks above 50-day moving average for the first time since July 13th
THBUSD rises to highest close since July 9th
THBUSD fails to close above 200-day moving average
THBUSD closes higher for the 6th day in a row
THBUSD pushes through Thursday's high

Overview

Moving higher for the 6th day in a row, THBUSD ended the month -1.08% lower at 0.03199 after gaining 11 pips (0.35%) today. Today's close at 0.03199 marks the highest recorded closing price since July 9th. Closing above Thursday's high at 0.03192, THB/USD confirmed its breakout through the previous session high after trading up to 17 pips above it intraday.

Daily Candlestick Chart (THBUSD as at Jul 31, 2020):

Daily technical analysis candlestick chart for Thai Baht/US Dollar (THBUSD) as at Jul 31, 2020

Friday's trading range has been 23 pips (0.72%), that's slightly above the last trading month's daily average range of 21 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for THBUSD.

The market managed to close above the 50-day moving average at 0.03190 for the first time since July 13th. After spiking up to 0.03209 during the day, the pair found resistance at the 200-day moving average at 0.03200. The last time this happened on July 9th, THBUSD lost -0.31% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the nearby swing high at 0.03215 where further buy stops could get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for THB/USD. Out of 51 times, THBUSD closed higher 64.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.90% with an average market move of 0.08%.


Market Conditions for THBUSD as at Jul 31, 2020

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