FxWirePro: Taiwanese dollar rises in early Asia despite lower than expected manufacturing PMI data

• USD/TWD is currently trading around 30.03 marks.
   
• It made intraday high at 30.17 and low at 30.03 marks.
   
• Intraday bias remains bearish for the moment.
   
• A daily close above 30.12 will drag the parity up towards key resistances around 30.28, 30.50, 30.70, 30.87, 31.02, 31.22, 31.40, 31.71 and 31.90 marks respectively.

• On the other side, key support levels are seen at 30.02, 29.87, 29.70 and 29.46 marks respectively.
   
• 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.
   
• Taiwanese stock was trading around 0.25 pct lower at 11,263.60 points.
   
• Taiwan’s manufacturing PMI stands at 49.9 vs 51.80 previous release.

We prefer to take short position on USD/TWD around 30.15, stop loss at 30.28 and target of 30.02/29.87.