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FxWirePro: USD/TWD falls below 31.00 mark, good to sell on rallies

  • USD/TWD is currently trading around 30.92 marks.
     
  • It made intraday high at 31.05 and low at 30.85 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 31.15 marks.
     
  • A daily close above 30.95 will drag the parity up towards key resistances around 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 30.80, 30.72, 30.60, 30.48 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 up 0.3 pct at 9,656.56 points.

We prefer to go short on USD/TWD around 31.00 with stop loss at 31.15 and target of 30.70/30.62.

  • Market Data
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