FxWirePro: USD/TWD remains well supported below 30.92 mark, Taiwan’s industrial output data in focus

• USD/TWD is currently trading around 30.82 marks.
   
• It made intraday high at 30.89 and low at 30.82 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 30.92 mark.
   
• A daily close above 30.92 will drag the parity up towards key resistances around 31.02, 31.18, 31.28, 31.42 and 31.77 marks respectively.

• On the other side, key support levels are seen at 30.75, 30.68, 30.56, 30.45, 30.28, 30.15 and 30.05 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 will release industrial output data around 0800 GMT.
   
• Taiwan stocks open down 1.0 pct at 10,535.12 points.

We prefer to take short position on USD/TWD only below 30.70, stop loss at 30.90 and target of 30.45/30.28.