- USD/TWD is currently trading around 31.27 marks.
- It made intraday high at 31.30 and low at 31.19 marks.
- Intraday bias remains slightly bullish till the time pair holds key support at 31.09 marks.
- A daily close above 31.50 will drag the parity up towards key resistances around 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 31.09, 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. Current upside movement is short term trend correction only.
We prefer to go short on USD/TWD around 31.38 with stop loss at 31.70 and target of 31.09/30.85/30.39.
