FxWirePro: USD/TWD hovers around key support at 30.70 mark, Taiwan’s revised GDP data in focus

• USD/TWD is currently trading around 30.76 marks.
   
• It made intraday high at 30.83 and low at 30.75 marks.
   
• Intraday bias remains slightly bearish till the time pair holds immediate resistance at 30.90 mark.
   
• A daily close above 30.90 will drag the parity up towards key resistances around 31.02, 31.17 and 31.42 marks respectively.

• On the other side, key support levels are seen at 30.70, 30.58, 30.47, 30.40, 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. Currnt downside movement is short term trend correction only.
   
• Taiwan stocks open up 0.2 pct at 10,702.60 points.
   
• Taiwan will release revised GDP data at 0800 GMT.

We prefer to take short position on USD/TWD only below 30.70, stop loss at 30.90 and target of 30.47.