FxWirePro: Taiwanese dollar strengthens against U.S. dollar in early Asia, good to sell on rallies

• USD/TWD is currently trading around 29.88 marks.
   
• It made intraday high at 29.99 and low at 29.88 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 30.02 mark.
   
• A daily close above 30.02 will drag the parity up towards key resistances around 30.15, 30.40, 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 29.84, 29.70 and 29.46 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Taiwan’s stock was trading 0.60 pct higher at 12,097.51 points.

We prefer to take short position on USD/TWD around 29.90, stop loss at 30.02 and target of 29.70/29.46.