FxWirePro: USD/TWD fails to find support above 30.50 mark, intraday bias remains slightly bearish
USD/TWD is currently trading around 30.38 marks. It made intraday high at 30.45 and low at 30.35 marks. Intraday bias remains bearish till the time pair holds key resistance at 30.50 mark. A daily close above 30.42 will …
It made intraday high at 30.45 and low at 30.35 marks.
Intraday bias remains bearish till the time pair holds key resistance at 30.50 mark.
A daily close above 30.42 will drag the parity up towards key resistances around 30.50, 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 30.30, 30.10, 30.03, 29.90, 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. Current down side movement is short term t rend correction only.
Taiwan banks will remain closed in observance of Mid-Autumn Moon Festival.
We prefer to take short position in USD/TWD only below 30.35, stop loss at 30.50 and target of 30.18 mark.
