FxWirePro: Taiwanese dollar erases previous loss against U.S. dollar, short term trend reversal likely

• USD/TWD is currently trading around 29.60 marks.
   
• It made intraday high at 29.64 and low at 29.56 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 29.64 mark.
   
• A daily close above 29.59 will drag the parity up towards key resistances around 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.

• On the other side, key support levels are seen at 29.43, 29.30, 29.15, 29.02, 28.99, 28.89, 28.77 and 28.49 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Taiwan stocks open down 0.2 pct at 10,680.38 points.

We prefer to take long position on USD/TWD only above  29.64, stop loss 29.43 and target of 30.02.

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