- USD/TWD is currently trading around 30.56 marks.
- It made intraday high at 30.61 and low at 30.47 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 30.70 mark.
- A daily close above 30.70 will drag the parity up towards key resistances around 30.90, 31.17 and 31.42 marks respectively.
- On the other side, key support levels are seen at 30.47, 30.40, 30.28, 30.15 and 30.05 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- Taiwan stocks open up 0.4 pct at 11,026.07 points.
We prefer to take short position on USD/TWD around 30.60, stop loss at 30.70 and target of 30.28.
