FxWirePro: Taiwanese dollar strengthens in early Asia, breaks key support at 31.40 mark
USD/TWD is currently trading around 31.33 marks. It made intraday high at 31.48 and low at 31.33 marks. Intraday bias remains bearish till the time pair holds key resistance at 31.70 mark. A daily close above 31.40 will …
It made intraday high at 31.48 and low at 31.33 marks.
Intraday bias remains bearish till the time pair holds key resistance at 31.70 mark.
A daily close above 31.40 will drag the parity up towards key resistances around 31.70, 31.90, 32.46 and 32.88 marks respectively.
On the other side, key support levels are seen at 31.12, 30.89, 30.68 and 30.56 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.
Taiwan stock was trading around 0.92 pct higher at 10,482.67 points.
We prefer to take long position on USD/TWD around 31.30, stop loss at 31.12 and target of 31.70/31.90.
