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FxWirePro: USD/TWD exhibits range bound movement, faces key resistance at 31.52

  • USD/TWD is currently trading around 31.38 marks.
     
  • It made intraday high at 31.45 and low at 31.19 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 31.52 marks.
     
  • A daily close above 31.52 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 31.31, 31.16, 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 0.6 pct at 9,229.34 points

We prefer to go short on USD/TWD around 31.45 with stop loss at 31.52 and target of 31.31/31.16.

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