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FxWirePro: USD/TWD breaks key support at 30.30 mark, good to sell on rallies

  • USD/TWD is currently trading around 30.32 marks.
     
  • It made intraday high at 30.42 and low at 30.26 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 30.50 marks.

  • A daily close above 30.40 will drag the parity up towards key resistances around 30.50, 30.69, 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 30.30, 30.20, 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 stocks open up 0.3 pct at 9,657.05 points.

We prefer to take short position in USD/TWD around 30.35, stop loss at 30.47 and target of 30.20/30.06.

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