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- USD/THB: Bullish but overbought – OCBC
USD/THB: Bullish but overbought – OCBC
USD/THB traded sharply higher, in part due to stronger US Dollar (USD), softer gold prices and in part, due to concerns over central bank autonomy. USD/THB was last at 34.714, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
RSI is rising into overbought conditions
“There were reports of former Finance Minister being appointed as BoT Chairman. According to various media outlets, he had previously pressured BoT to lower rates and raise inflation target. The appointment is still pending approval (likely after 19 Nov).”
“BoT board can issue regulations on reserves management, but it doesn’t have the authority to directly manage the reserves. Market interpretation is that his appointment may lead to a dovish BoT.”
“Bullish momentum intact though RSI is rising into overbought conditions. Inverted head & shoulders pattern is typically associated with bullish reversal setup. Next resistance at 35.10, 35.40 (200 DMA). Support at 34.50 (100 DMA).”
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