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FxWirePro: Taiwanese dollar marginally lower against U.S. dollar, short term trend reversal likely

  • USD/TWD is currently trading around 30.41 marks.
     
  • It made intraday high at 30.55 and low at 30.34 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 30.37 marks.
     
  • A daily close above 30.37 will drag the parity up towards key resistances around 30.57, 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 30.34, 30.24 and 30.05 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

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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