- USD/TWD is currently trading around 31.55 marks.
- It made intraday high at 31.73 and low at 31.51 marks.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 31.71 mark.
- A daily close above 31.71 will drag the parity up towards key resistances around 31.90, 32.46 and 32.88 marks respectively.
- On the other side, key support levels are seen at 31.42, 31.12, 30.89, 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. Current downside movement is short term trend correction only.
- Taiwan stock was trading around 0.37 pct lower at 10,385.60 points.
- Taiwan will release CPI as well as WPI data around 0800 GMT.
We prefer to take long position on USD/TWD only above 31.72, stop loss at 31.42 and target of 32.46.
