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FxWirePro: USD/TWD exhibits range bound movement, Taiwan’s current account data in focus

  • USD/TWD is currently trading around 30.80 marks.
     
  • It made intraday high at 30.84 and low at 30.79 marks.
     
  • Intraday bias remains neutral till the time pair moves in stiff boundaries from 30.50 to 30.90 mark.
     
  • A daily close above 30.94 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 30.70, 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.
     
  • Taiwan stocks open up 0.3 pct at 10,096.94 points.
     
  • Taiwan will release current account data at 0820 GMT.

We prefer to take long position on USD/TWD only above 30.90, stop loss at 30.70 and target of 31.18.

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