FxWirePro: USD/TWD hovers around key support at 31.45 mark, bias remains bearish
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 mar…
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.
