FxWirePro: Taiwanese dollar erases previous gain against U.S. dollar, short term trend reversal likely
USD/TWD is currently trading around 30.35 marks. It made intraday high at 30.44 and low at 30.28 marks. Intraday bias remains slightly bullish till the time pair holds key support at 30.20 marks. A daily close above 30.3…
It made intraday high at 30.44 and low at 30.28 marks.
Intraday bias remains slightly bullish till the time pair holds key support at 30.20 marks.
A daily close above 30.30 will drag the parity up towards key resistances around 30.45, 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 30.20, 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.
Taiwan stocks open down 0.3 pct at 9,806.15 points.
We prefer to take long position in USD/TWD around 30.30, stop loss 30.20 and target of 30.45/30.58.
