- USD/TWD is currently trading around 31.38 marks.
- It made intraday high at 31.49 and low at 31.31 marks.
- Intraday bias remains neutral till the time pair holds key resistance at 31.53 marks.
- A daily close above 31.53 will drag the parity up towards key resistances around 31.62, 31.82, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
- On the other side, key support levels are seen at 31.26, 31.18, 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.
- Taiwan stocks open down 0.3 pct at 9,260.69 points.
We prefer to go short on USD/TWD around 31.42 with stop loss at 31.53 and target of 31.26/31.18/30.99.
