- USD/TWD is currently trading around 31.53 marks.
- It made intraday high at 31.65 and low at 31.48 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 31.74 marks.
- A daily close above 31.74 will drag the parity up towards key resistances around 31.83, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- On the other side, key support levels are seen at 31.48, 31.38, 31.26, 31.18, 30.99, 30.85 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.
- Taiwan stocks open down 0.3 pct at 9,283.20 points.
We prefer to go short on USD/TWD around 31.58, stop loss 31.74 and target of 31.38.
