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FxWirePro: Taiwanese dollar hovers around 30.50 mark, short term trend reversal likely

  • USD/TWD is currently trading around 30.48 marks.
     
  • It made intraday high at 30.60 and low at 30.48 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 30.60 mark.
     
  • A daily close above 30.57 will drag the parity up towards key resistances around 30.64 , 30.90 and 31.17 marks respectively.
  • On the other side, key support levels are seen at 30.38, 30.22, 30.15, 30.05, 29.90, 29.78, 29.61, 29.50 and 29.43 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Taiwan stocks open up 0.1 pct at 10,667.64 points.

We prefer to take short position on USD/TWD around 30.52, stop loss at 30.60 and target of 30.38/30.22.

  • Market Data
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