FxWirePro: Taiwanese dollar appreciates ahead of Central bank’s discount rate decision

• USD/TWD is currently trading around 30.40 marks.
   
• It made intraday high at 30.46 and low at 30.33 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 30.51 marks.
   
• A daily close above 30.43 will drag the parity up towards key resistances around 30.51, 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 30.32, 30.24, 30.14, 30.00, 29.90, 29.84, 29.72, 29.61 and 29.28 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 up 0.2 pct at 10,369.08 points.
   
• Taiwan Central bank will release discount rate at 0830 GMT.

We prefer to take long position in USD/TWD only above 30.51, stop loss at 30.24 and target of 30.90.

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