- USD/TWD is currently trading around 31.75 marks.
- It made intraday high at 31.85 and low at 31.62 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 31.95 marks.
- A daily close above 31.95 will drag the parity up towards key resistances around 32.08, 32.18, 32.25, 32.43 and 32.63 marks respectively.
- On the other side, key support levels are seen at 31.77, 31.62, 31.50, 31.38, 31.26, 31.18, 30.99, 30.85 and 30.39 marks respectively.
- Taiwan stocks open up 0.1 pct at 9,167.33 points.
- 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.
We prefer to go short on USD/TWD around 31.80, stop loss at 31.95 and target of 31.62/31.54.
