FxWirePro: USD/TWD hits fresh 5-week low at 31.03 mark, Taiwan’s discount rate decision in focus

• USD/TWD is currently trading around 31.05 marks.
   
• It made intraday high at 31.22 and low at 31.03 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 31.22 mark.
   
• A daily close above 31.12 will drag the parity up towards key resistances around 31.22, 31.40, 31.50, 31.77, 31.90 and 32.46 marks respectively.

• On the other side, key support levels are seen at 30.98, 30.68, 30.56, 30.45, 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 down 0.2 pct at 10,749.41 points.
   
• Taiwan will release discount rate decision at 0800 GMT.

We prefer to take short position on USD/TWD around 31.15, stop loss at 31.30 and target of 30.98/30.68.