- USD/TWD is currently trading around 30.66 marks.
- It made intraday high at 30.69 and low at 30.53 marks.
- Intraday bias remains neutral till the time pair holds key support at 30.62 marks.
- A daily close above 30.62 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 30.62, 30.54, 30.36, 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 correction only.
- Yesterday Taiwan released trade balance data. Taiwan’s March trade balance $+3.93 bln (poll +$4.015 bln).
We prefer to take long position in USD/TWD only above 30.62, stop loss 30.50 and target of 30.97.
