FxWirePro: USD/TWD exhibits range bound movement, bias highly neutral

• USD/TWD is currently trading around 31.38 marks.
   
• It made intraday high at 31.47 and low at 31.29 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 31.53 marks.
   
• A daily close above 31.53 will drag the parity up towards key resistances around 31.62, 31.82, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
   
• On the other side, key support levels are seen at 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. Current upside movement is short term trend correction only.
   
• Taiwan stocks open down 0.1 pct at 9,263.40 points.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.