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FxWirePro: USD/TWD back above 30.50 mark, sustained close above requires for upside rally

  • USD/TWD is currently trading around 30.54 marks.
     
  • It made intraday high at 30.56 and low at 30.44 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 30.50 mark.
     
  • A daily close above 30.50 will drag the parity up towards key resistances around 30.87, 31.02, 31.22, 31.40, 31.71, 31.90, 32.46 and 32.88 marks respectively.
  • On the other side, key support levels are seen at 30.47, 30.33, 30.11, 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.
     
  • Taiwan’s stock was trading 0.60 pct higher at 11,520.79 points.

We prefer to take long position on USD/TWD around 30.50, stop loss at 30.40 and target of 30.87/31.02.

By Aarti Panchal
  • Market Data
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