FxWirePro: USD/TWD exhibits range bound movement, faces strong resistance at 30.50

• USD/TWD is currently trading around 30.38 marks.
   
• It made intraday high at 30.39 and low at 30.25 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 30.50 marks.
   
• A daily close above 30.50 will drag the parity up towards key resistances around 30.65, 30.77, 30.90, 31.02, 31.15, 31.26 and 31.44 marks respectively.
   
• On the other side, key support levels are seen at 30.25, 30.14, 30.00, 29.90, 29.84, 29.72, 29.61 and 29.28 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Taiwan stocks open down 0.1 pct at 10,472.81 points.

We prefer to take long position in USD/TWD only above 30.50, stop loss at 30.25 and target of 30.77/30.90.

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