FxWirePro: USD/TWD hovers around fresh 2-month high at 29.37 mark, sustained close above targets 29.65 mark
USD/TWD is currently trading around 29.33 marks. It made intraday high at 29.35 and low at 29.25 marks. Intraday bias remains slightly bullish till the time pair holds key support at 29.20 mark. A daily close above 29.30…
It made intraday high at 29.35 and low at 29.25 marks.
Intraday bias remains slightly bullish till the time pair holds key support at 29.20 mark.
A daily close above 29.30 will drag the parity up towards key resistances around 29.50, 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.
On the other side, key support levels are seen at 29.20, 29.10, 29.02, 28.99, 28.89, 28.77 and 28.49 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 0.2 pct at 10,975.58 points.
We prefer to take long position on USD/TWD around 29.30 mark, stop loss 29.20 and target of 29.65.
