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

• USD/TWD is currently trading around 30.36 marks.
   
• It made intraday high at 30.41 and low at 30.25 marks.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above 30.30 will drag the parity up towards key resistances around 30.41, 30.57, 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 30.18, 30.06, 29.92, 29.85, 29.76 and 29.61 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 reversal only.
   
• Taiwan stocks open flat at 9,846.38 points.

We prefer to take long position in USD/TWD around 30.32, stop loss 30.018 and target of 30.57.