FxWirePro: USD/TWD breaks key support at 30.30 mark, bias remains bearish

• USD/TWD is currently trading around 30.27 marks.
   
• It made intraday high at 30.37 and low at 30.18 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 30.40 mark.
   
• A daily close above 30.35 will drag the parity up towards key resistances around 30.50, 30.65, 30.77, 30.90, 31.02, 31.15, 31.26 and 31.44 marks respectively.
   
• On the other side, key support levels are seen at 30.18, 30.10, 30.03, 29.90, 29.72, 29.61 and 29.28 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
   
• Taiwan will release trade balance data at 0800 GMT.

We prefer to take short position in USD/TWD around 30.30, stop loss at 30.50 and target of 30.18/30.01 mark.

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