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FxWirePro: USD/TWD hits fresh 4-week low at 30.23 mark, bias remains bearish

  • USD/TWD is currently trading around 30.30 marks.
     
  • It made intraday high at 30.48 and low at 30.23 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 30.59 marks.
     
  • A daily close above 30.34 will drag the parity up towards key resistances around 30.59, 30.77, 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 up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • Taiwan stocks open flat at 10,418.74 points.

We prefer to take short position in USD/TWD only below 30.23, stop loss at 30.50 and target of 30.00.

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