FxWirePro: Taiwanese dollar gains in early hours of Asia, bias remains neutral
USD/TWD is currently trading around 31.36 marks. It made intraday high at 31.45 and low at 31.32 marks. Intraday bias remains neutral till the time pair holds key resistance at 31.52 marks. A daily close above 31.52 will…
It made intraday high at 31.45 and low at 31.32 marks.
Intraday bias remains neutral till the time pair holds key resistance at 31.52 marks.
A daily close above 31.52 will drag the parity up towards key resistances around 31.62, 31.82, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
On the other side, key support levels are seen at 31.31, 31.16, 30.99, 30.85 and 30.39 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Yesterday Taiwan released industrial production data. Taiwan’s August industrial output at +7.74 pct y/y vs -0.31 pct previous release.
We prefer to go short on USD/TWD only below 31.31 with stop loss at 31.52 and target of 31.16.
