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Pushes Higher Defying Recent Death Cross Formation


USD/THB reopened higher, moving through Aug 7 high of THB31.24 to chart a shorter-term double bottom pattern, despite the recent "death cross" formation. Yesterday's USD appreciation after the release of FOMC minutes provided part of the topside impetus, with some pointing to the escalating anti-government protests in Thailand.

  • As protests against the military-backed government gain momentum, a Thai court issued warrants of arrest for six leaders of the movement.
  • Thailand considers extending state of emergency through the end of Sep in anticipation of a second wave of Covid-19.
  • With spot USD/THB last +15 pips at THB31.38, bulls look to take out Jul 29 high of THB31.58 before targeting Jul 20 high of THB31.86, a key near-term resistance. Bears need a pullback under Aug 7 high of THB31.24 to put the recent rebound into question, before taking aim at Aug 5 low of THB30.98.

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