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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 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. 

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