- USD/TWD is currently trading around 31.45 mark.
- It made intraday high at 31.55 and low at 31.41 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 31.59 marks.
- A sustain close below 31.55 mark will test key supports at 31.30, 31.13, 30.99 and 30.70 marks respectively.
- Alternatively, reversal from key support will drag the parity up towards key resistances around 31.59, 31.72, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/TWD around 31.48, stop loss 31.59 and target 31.25/30.99/30.85.
