FxWirePro: Taiwanese dollar trades marginally higher against U.S. dollar, downside limited

• USD/TWD is currently trading around 29.70 marks.
   
• It made intraday high at 29.71 and low at 29.61 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 29.90 mark.
   
• A daily close above 29.68 will drag the parity up towards key resistances around 29.90, 30.02, 30.22, 30.38 and 30.68 marks respectively.

• On the other side, key support levels are seen at 29.50, 29.43, 29.30, 29.15, 29.02, 28.99 and 28.89 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 0.2 pct at 11,228.64 points and close up 0.5 pct at 11,251.75 points.

We prefer to take long position on USD/TWD only above 29.72, stop loss 30.60 and target of 29.90.

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