FxWirePro: USD/TWD back below 31.00 mark, short term trend reversal likely
USD/TWD is currently trading around 30.87 marks. It made intraday high at 30.93 and low at 30.87 marks. Intraday bias remains slightly bearish till the time pair holds key resistance at 31.05 mark. A daily close above 30…
It made intraday high at 30.93 and low at 30.87 marks.
Intraday bias remains slightly bearish till the time pair holds key resistance at 31.05 mark.
A daily close above 30.90 will drag the parity up towards key resistances around 31.05, 31.18, 31.28, 31.42 and 31.77 marks respectively.
On the other side, key support levels are seen at 30.70, 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 stocks open down 0.6 pct at 9,989.63 points.
We prefer to take long position on USD/TWD only above 31.05, stop loss at 30.70 and target of 31.42.
