FxWirePro: Taiwanese dollar gains against USD on robust PMI data
USD/TWD is currently trading around 31.73 mark. It made intraday high at 31.93 and low at 31.66 marks. Intraday bias remains bearish till the time pair holds key resistance at 32.12 marks. A sustain close below 31.70 mar…
It made intraday high at 31.93 and low at 31.66 marks.
Intraday bias remains bearish till the time pair holds key resistance at 32.12 marks.
A sustain close below 31.70
mark will test key supports at 31.58, 31.40 and 31.17 marks respectively.
Alternatively, reversal from key support will drag the parity up towards 31.98, 32.12 mark to test key resistances at 32.25, 32.43 and 32.63 marks respectively.
Taiwan July PMI rises to 51.0, four-month high vs 50.5 in June.
Taiwan July export orders grow modestly but at fastest pace in 18 months.
We prefer to take short position in USD/TWD only below 31.70, stop loss 32.12 and target 31.54/ 30.85.
