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FxWirePro: USD/TWD remains well supported below 29.50 mark, intraday bias remains bearish

  • USD/TWD is currently trading around 29.29 marks.
     
  • It made intraday high at 29.35 and low at 29.28 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 29.50 mark.
     
  • A daily close above 29.32 will drag the parity up towards key resistances around 29.50, 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.
  • On the other side, key support levels are seen at 29.20, 29.02, 28.99, 28.89, 28.77 and 28.49 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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