FxWirePro: Taiwanese dollar hits fresh 2-week low against U.S. dollar in early hours of Asia, faces strong resistance at 31.88
USD/TWD is currently trading around 31.75 marks. It made intraday high at 31.82 and low at 31.67 marks. Intraday bias remains bullish till the time pair holds key support at 31.50 marks. A daily close above 31.82 will dr…
It made intraday high at 31.82 and low at 31.67 marks.
Intraday bias remains bullish till the time pair holds key support at 31.50 marks.
A daily close above 31.82 will drag the parity up towards key resistances around 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
On the other side, key support levels are seen at 31.67, 31.50, 31.27, 31.13, 31.09, 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. Current upside movement is short term trend correction only.
We prefer to go long on USD/TWD only above 31.82 with stop loss at 31.67 and target of 32.12/32.25.
