- USD/TWD is currently trading around 30.01 marks.
- It made intraday high at 30.04 and low at 29.84 marks.
- Intraday bias remains bullish till the time pair holds key support at 29.84 mark.
- A daily close above 30.02 will drag the parity up towards key resistances around 30.22, 30.40, 30.70, 30.87, 31.02, 31.22, 31.40, 31.71 and 31.90 marks respectively.
- On the other side, key support levels are seen at 29.84, 29.70 and 29.46 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’s stock was trading 0.87 pct higher at 12,101.96 points.
- Taiwan’s manufacturing PMI stands at 50.80 vs 49.80 previous release.
We prefer to take long position on USD/TWD around 30.00, stop loss at 29.84 and target of 30.21/30.40/30.70.
