FxWirePro: USD/TWD rejects key resistance at 30.02 mark, short term trend reversal likely
USD/TWD is currently trading around 29.88 marks. It made intraday high at 29.96 and low at 29.87 marks. Intraday bias remains slightly bearish till the time pair holds key resistance at 30.02 mark. A daily close above 29…
It made intraday high at 29.96 and low at 29.87 marks.
Intraday bias remains slightly bearish till the time pair holds key resistance at 30.02 mark.
A daily close above 29.94 will drag the parity up towards key resistances around 30.02, 30.22, 30.30 and 30.68 marks respectively.
On the other side, key support levels are seen at 29.72, 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. Current downside movement is short term trend correction only.
Taiwan stocks open up 0.3 pct at 10,976.49 points.
We prefer to take short position on USD/TWD around 29.90, stop loss 30.02 and target of 29.72/29.50.
