FxWirePro: Taiwanese dollar appreciates against U.S. dollar despite lower than expected GDP data
USD/TWD is currently trading around 31.30 mark. It made intraday high at 31.40 and low at 31.25 marks. Intraday bias remains bearish till the time pair holds key resistance at 31.45 marks. A sustain close below 31.25 mar…
It made intraday high at 31.40 and low at 31.25 marks.
Intraday bias remains bearish till the time pair holds key resistance at 31.45 marks.
A sustain close below 31.25 mark will test key supports at 31.13, 30.99 and 30.70 marks respectively.
Alternatively, reversal from key support will drag the parity up towards key resistances around 31.45, 31.55, 31.72, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
Taiwan preliminary Q4 GDP +2.58 pct y/y (poll +3.1 pct).
Taiwan preliminary 2016 GDP +1.40 pct.
Taiwan preliminary Q4 GDP +1.89 pct q/q seasonally adjusted annualised rate (vs +3.91 pct in Q3).
We prefer to take short position in USD/TWD only below 31.25, stop loss 31.45 and target 31.13/30.99/30.85.
