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

  • USD/TWD is currently trading around 30.60 marks.
     
  • It made intraday high at 30.70 and low at 30.48 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 30.45 marks.
     
  • A daily close above 30.48 will drag the parity up towards key resistances around 30.72, 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 30.45, 30.35, 30.24 and 30.05 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 0.1 pct at 9,845.59 points.

We prefer to go long on USD/TWD around 30.55 with stop loss at 30.45 and target of 30.90.

  • Market Data
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