- USD/TWD is currently trading around 30.77 marks.
- It made intraday high at 30.88 and low at 30.74 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 30.99 mark.
- A daily close above 30.81 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 30.56, 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. Current downside movement is short term trend correction only.
- Taiwan stocks open up 0.8 pct at 9,959.87 points.
We prefer to take short position on USD/TWD around 30.80, stop loss at 30.99 and target of 30.56.