- USD/TWD is currently trading around 31.09 marks.
- It made intraday high at 31.14 and low at 30.98 marks.
- Intraday bias remains bullish till the time pair holds key support at 31.00 marks.
- A daily close above 31.00 will drag the parity up towards key resistances around 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- On the other side, key support levels are seen at 31.00, 30.87, 30.74, 30.60, 30.48 and 30.39 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- Taiwan stocks open down 0.1 pct at 9,653.79 points.
We prefer to go long on USD/TWD around 31.07 with stop loss at 31.00 and target of 31.26.
