FxWirePro: Taiwanese dollar rises as manufacturing PMI data meets expectations

• USD/TWD is currently trading around 31.48 marks.
   
• It made intraday high at 31.59 and low at 31.48 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 31.65 marks.
   
• A daily close above 31.61 will drag the parity up towards key resistances around 31.90, 32.46 and 32.78 marks respectively.

• On the other side, key support levels are seen at 31.48, 31.20, 30.98, 30.68, 30.56, 30.45, 30.28, 30.15 and 30.05 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 down 0.2 pct at 10,482.45 points.
   
• Taiwan May 2019 Nikkei Markit manufacturing PMI increase to 48.4 vs previous 48.2.

We prefer to take short position on USD/TWD around 31.50, stop loss at 31.65 and target of 31.20.