FxWirePro: Taiwanese dollar gains on robust manufacturing PMI data, stay bearish

• USD/TWD is currently trading around 30.40 marks.
   
• It made intraday high at 30.48 and low at 30.33 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 30.59 marks.
   
• A daily close above 30.48 will drag the parity up towards key resistances around 30.59, 30.72, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
   
• On the other side, key support levels are seen at 30.32, 30.18, 30.06, 29.92, 29.85, 29.76 and 29.61 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Taiwan March PMI rises to 56.2 vs 54.5 in February.
   
• Taiwan PMI shows strongest growth in new export orders in over 2-1/2 years.

We prefer to take short position in USD/TWD around 30.42, stop loss 30.60 and target of 30.18/30.06.