FxWirePro: USD/TWD hovers around key resistance at 29.90 mark, consistent close above requires for upside rally

• USD/TWD is currently trading around 29.90 marks.
   
• It made intraday high at 29.92 and low at 29.78 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 29.78 mark.
   
• A daily close above 29.78 will drag the parity up towards key resistances around 29.90, 30.02, 30.22, 30.38 and 30.68 marks respectively.

• On the other side, key support levels are seen at 29.78, 29.61, 29.50, 29.43, 29.30, 29.15, 29.02, 28.99 and 28.89 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Taiwan stocks open down 0.3 pct at 11,143.04 points and close down 1.4 pct at 11,013.98 points.

We prefer to take long position on USD/TWD around 29.88, stop loss at 29.78 and target of 30.22.