FxWirePro: Taiwanese dollar gains in early hours of Asia, downside limited
USD/TWD is currently trading around 32.32 marks. It made intraday high at 32.44 and low at 32.22 marks. Intraday bias remains slightly bearish for the moment. A daily close above 32.44 will drag the parity up towards key…
It made intraday high at 32.44 and low at 32.22 marks.
Intraday bias remains slightly bearish for the moment.
A daily close above 32.44 will drag the parity up towards key resistances around 32.63, 32.78 and 32.90 marks respectively.
On the other side, key support levels are seen at 32.22, 32.13, 32.02, 31.91, 31.72, 31.56, 31.45, 31.38, 31.26, 31.18, 30.99, 30.85 and 30.39 marks respectively.
Taiwan stocks open down 0.3 pct at 9,172.39 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in USD/TWD around 32.30, stop loss 32.47 and target of 32.02.
