USD/THB 4H Chart: Breakout form triangle

USD/THB 4H Chart: Breakout form triangle

The American Dollar was trading against the Thai Baht in a two-week long symmetrical triangle. In result of the previous trading session the currency rate made a breakout to the bottom. The bearish movement is not evident yet. Nevertheless, the slipping 55- and 100-period SMAs together with the weekly PP suggest that sudden surge is unlikely.

However, in larger perspective the soar is expected to continue, as in the end of November the pair made a rebound from the lower trend-line of a four-month long descending channel . An upcoming decision on the US interest rate hike as well as growing economy also point out in favour of further appreciation of the buck.

To certain extent, market sentiment confirms this assumption, as 72% of traders are bullish on pair. However, such common view might be also a signal of the upcoming turnaround.
See more at the Dukascopy Analytics page

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