FxWirePro: Taiwanese dollar trades marginally higher in early Asia, faces strong support at 29.02 mark
USD/TWD is currently trading around 29.10 marks. It made intraday high at 29.12 and low at 29.07 marks. Intraday bias remains bearish till the time pair holds key resistance at 29.22 mark. A daily close above 29.08 will …
It made intraday high at 29.12 and low at 29.07 marks.
Intraday bias remains bearish till the time pair holds key resistance at 29.22 mark.
A daily close above 29.08 will drag the parity up towards key resistances around 29.22, 29.30, 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 29.08, 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.
We prefer to take short position in USD/TWD only below 29.02, stop loss 29.22 and target of 28.89/28.77.
