FxWirePro: Taiwanese dollar gains against U.S. dollar on robust GDP data

• USD/TWD is currently trading around 31.70 marks.
   
• It made intraday high at 31.74 and low at 31.62 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 31.83 marks.
   
• A daily close above 31.83 will drag the parity up towards key resistances around 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
   
• On the other side, key support levels are seen at 31.55, 31.38, 31.26, 31.18, 30.99, 30.85 and 30.39 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Taiwan stocks open up 0.1 pct at 9,307.39 points.
   
• Taiwan preliminary Q3 GDP +2.06 pct y/y (poll median +1.8 pct).
   
• Taiwan preliminary Q3 GDP +4.54 pct q/q seasonally adjusted annualized rate vs +0.23 pct in Q2.
   
• Taiwan preliminary Q3 GDP +1.12 pct q/q seasonally adjusted quarterly rate vs +0.06 pct in Q2.

We prefer to go short on USD/TWD around 31.75, stop loss 31.83 and target of 31.55/31.38.