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24 Apr 2013
Forex Flash: Buy USD/THB targeting 29.70 - ANZ
FXstreet.com (Barcelona) - After the Thai baht outpaced all its competitors in the Asian region year-to-date, in view of Khoon Goh, Senior FX Strategist at ANZ, "the strength goes well beyond fundamentals and is at risk of a corrective move."
Technicals also support this bearish view, Khoon says: "Initial selling to book profits could easily lead to some sharp moves in the currency given its lack of liquidity. Therefore, we recommend buying USD/THB outright at 28.85 targeting 29.70 with a stop-loss at 28.50."
Technicals also support this bearish view, Khoon says: "Initial selling to book profits could easily lead to some sharp moves in the currency given its lack of liquidity. Therefore, we recommend buying USD/THB outright at 28.85 targeting 29.70 with a stop-loss at 28.50."