- USD/TWD is currently trading around 31.33 marks.
- It made intraday high at 31.48 and low at 31.33 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 31.70 mark.
- A daily close above 31.40 will drag the parity up towards key resistances around 31.70, 31.90, 32.46 and 32.88 marks respectively.
- On the other side, key support levels are seen at 31.12, 30.89, 30.68 and 30.56 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 stock was trading around 0.92 pct higher at 10,482.67 points.
We prefer to take long position on USD/TWD around 31.30, stop loss at 31.12 and target of 31.70/31.90.
