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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
    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. 

  • Market Data
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