FxWirePro: USD/TWD hovers around key resistance at 29.42 mark, consistent close above requires for upside rally

• USD/TWD is currently trading around 29.38 marks.
   
• It made intraday high at 29.45 and low at 29.38 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 29.20 mark.
   
• A daily close above 29.42 will drag the parity up towards key resistances around 29.56, 29.65, 29.90, 30.02, 30.22 and 30.30 marks respectively.

• On the other side, key support levels are seen at 29.30, 29.15, 29.02, 28.99, 28.89, 28.77 and 28.49 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 stocks open down 1.5 pct at 10,802.42 points.

We prefer to take long position on USD/TWD around  29.35 mark, stop loss 29.20 and target of 29.65.

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