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FxWirePro: USD/TWD hovers around 29.80 mark, sustained close above requires for upside rally

  • USD/TWD is currently trading around 29.77 marks.
     
  • It made intraday high at 29.81 and low at 29.77 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 29.81 marks.
     
  • A daily close above 29.77 will drag the parity up towards key resistances around 29.90, 30.02, 30.22 and 30.30 marks respectively.
  • On the other side, key support levels are seen at 29.67, 29.50, 29.43, 29.30, 29.15, 29.02, 28.99, 28.89 and 28.77 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 0.4 pct at 10,578.98 points.

We prefer to take long position on USD/TWD only above 29.81, stop loss 29.67 and target of 30.02/30.22.

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