FxWirePro: Taiwanese dollar trades marginally higher despite lower than expected manufacturing PMI data

• USD/TWD is currently trading around 29.78 marks.
   
• It made intraday high at 29.94 and low at 29.78 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 30.22, 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 29.76, 29.47, 29.28, 29.11 and 29.00 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 around 2.40 pct lower at 10,730.55 points.
   
• Taiwan’s manufacturing PMI stands at 42.2 vs 50.4 previous release.

We prefer to take short position in USD/TWD around 29.85, stop loss at 30.02 and target of 29.47/29.28.