USD/THB PRICE ANALYSIS: BUYERS HOLD SWAY, BEARISH TURN SPOTLIGHTED AS BULLISH MOMENTUM SLOWS
- The RSI on the daily chart remains largely positive, suggesting an increase in buying momentum.
- On the hourly chart, the RSI in overbought territory hints at intense buying traction which could lead to a correction.
- The pair continues to operate above the main SMAs, indicating a long-term bullish sentiment.
The USD/THB pair is currently trading at a level of 35.74, up by 0.91% on Tuesday. The daily chart points to growing bullish momentum, while hourly indicators reached overbought conditions, which could push the pair into a consolidation phase in the next hours.
On the daily chart, the USD/THB pair shows the Relative Strength Index (RSI) jumped above 50 on Tuesday suggesting that the bulls are recovering. However, this positive outlook is tempered by the red bars of the Moving Average Convergence Divergence (MACD) histogram, which despite being shorter, point out that there are still signs of selling momentum.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.