Thai baht has been very strong against the USD. It has appreciated more than 11% to its current price. Now it sits at the 50% FIB level and possibly there might be a retracement or it could heads further south to 61.8 FIB level before rebound.
Watch the wedge pattern breakout and be careful of false breakout. Take a small position and accumulate slowly if unsure, always use SL and manage your trade. Best of luck !
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selling still not done. we are waiting
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we have learnt from many many charts that the price action will not touch precisely at the FIB level, be it 50% or 61.8% . It may exceed a little like in this case before it retrace.
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2 months later , still no visible signs of price stabilising and rebounding. Be patient
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Nice fall, reaching the 618 FIB level, watch for possible rebound. Don't miss the ride up :)
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Not yet after 2 months, the weakening of US dollar has caused many emerging markets currencies to strengthen , just like THB.
price has now reach the 22nd Oct 2013 low. It could go a bit more to 30.89 before we see a rebound. Definitely not to short but await a good opportunity to buy. Go to lower time frame to monitor price action.