FxWirePro: Taiwanese dollar gains sharply after lower than expected unemployment data

• USD/TWD is currently trading around 31.83 marks.
   
• It made intraday high at 31.99 and low at 31.70 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 32.08 marks.
   
• A daily close above 32.08 will drag the parity up towards key resistances around 32.18, 32.25, 32.43 and 32.63 marks respectively.
   
• On the other side, key support levels are seen at 31.50, 31.38, 31.26, 31.18, 30.99, 30.85 and 30.39 marks respectively.
   
• Taiwan stocks open up 0.2 pct at 9,058.58 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.
   
• Taiwan October unemployment rate 3.90 pct vs 3.93 pct previous release.

We prefer to go long on USD/TWD around 31.70, stop loss 31.50 and target of 31.99/32.08/32.18/32.43.