- USD/TWD is currently trading around 31.26 marks.
- It made intraday high at 31.35 and low at 31.20 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 31.53 marks.
- A daily close above 31.53 will drag the parity up towards key resistances around 31.62, 31.82, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- On the other side, key support levels are seen at 31.20, 31.15, 30.99, 30.85 and 30.39 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Taiwan September PMI rises to 52.2, highest in 2 years on solid export sales, new orders.
- Taiwan stocks open up 0.6 pct at 9,219.52 points.
We prefer to go short on USD/TWD only below 31.20 with stop loss at 31.45 and target of 30.99.
