- USD/TWD is currently trading around 31.60 marks.
- It made intraday high at 31.64 and low at 31.39 marks.
- Intraday bias remains bullish till the time pair holds key support at 31.34 marks.
- A daily close above 31.55 will drag the parity up towards key resistances around 31.82, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- On the other side, key support levels are seen at 31.34, 31.26, 31.18, 30.99, 30.85 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. Current upside movement is short term trend correction only.
- Taiwan stocks open up 0.5 pct at 9,311.79 points.
We prefer to go long on USD/TWD only above 31.64, stop loss 31.34 and target of 31.82.
