FxWirePro: USD/TWD exhibits range bound movement, upside limited
USD/TWD is currently trading around 30.36 marks. It made intraday high at 30.47 and low at 30.29 marks. Intraday bias remains neutral for the moment. A daily close above 30.36 will drag the parity up towards key resistan…
It made intraday high at 30.47 and low at 30.29 marks.
Intraday bias remains neutral for the moment.
A daily close above 30.36 will drag the parity up towards key resistances around 30.48, 30.69, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
On the other side, key support levels are seen at 30.24, 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 down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Taiwan stocks open up 0.4 pct at 10,286.79 points.
We prefer to take short position in USD/TWD around 30.50, stop loss at 30.70 and target of 30.01.
