FxWirePro: Taiwanese dollar appreciates ahead of Central bank’s discount rate decision
USD/TWD is currently trading around 30.40 marks. It made intraday high at 30.46 and low at 30.33 marks. Intraday bias remains bearish till the time pair holds key resistance at 30.51 marks. A daily close above 30.43 will…
It made intraday high at 30.46 and low at 30.33 marks.
Intraday bias remains bearish till the time pair holds key resistance at 30.51 marks.
A daily close above 30.43 will drag the parity up towards key resistances around 30.51, 30.69, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
On the other side, key support levels are seen at 30.32, 30.24, 30.14, 30.00, 29.90, 29.84, 29.72, 29.61 and 29.28 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Taiwan stocks open up 0.2 pct at 10,369.08 points.
Taiwan Central bank will release discount rate at 0830 GMT.
We prefer to take long position in USD/TWD only above 30.51, stop loss at 30.24 and target of 30.90.
