FxWirePro: USD/TWD hovers around 30.40 mark after Moody’s comments on Taiwanese banks

• USD/TWD is currently trading around 30.40 marks.
   
• It made intraday high at 30.43 and low at 30.32 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 30.30 marks.
   
• A daily close above 30.37 will drag the parity up towards key resistances around 30.45, 30.69, 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 30.32, 30.20, 30.06, 29.92, 29.85, 29.76 and 29.61 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.
   
• Moody's - Taiwanese banks will also see fee income boosted by continued wealth management, insurance sales, stronger syndicated loans and trade finance flows.
   
• Moody's - Taiwanese banks expected to report improved asset quality metrics and profitability in 2017.
   
• Moody's - Loan growth for the banks will also likely pick up moderately from the subdued pace evident in 2016.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.