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FxWirePro: Taiwanese dollar trades marginally lower, faces strong support at 29.02 mark

  • USD/TWD is currently trading around 29.11 marks.
     
  • It made intraday high at 29.14 and low at 29.03 marks.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 29.02 mark.
     
  • A daily close above 29.20 will drag the parity up towards key resistances around 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 29.02, 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 stock was trading around 0.24 pct lower at 10,896.14 points.

We prefer to take short position on USD/TWD only below 29.02 mark, stop loss 29.20 and target of 28.89/28.77.

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