FxWirePro: Taiwanese dollar strengthens in early Asia, trade balance data in focus

• USD/TWD is currently trading around 29.20 marks.
   
• It made intraday high at 29.34 and low at 29.19 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 29.35 mark.
   
• A daily close above 29.30 will drag the parity up towards key resistances around 29.50, 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.

• On the other side, key support levels are seen at 29.12, 29.02, 28.99, 28.89, 28.77 and 28.49 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Taiwan stocks open up 0.5 pct at 10,880.14 points.
   
• Taiwan will release trade balance data around 0800 GMT.

We prefer to take short position on USD/TWD around 29.25 mark, stop loss 29.34 and target of 29.02.

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