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FxWirePro: USD/TWD hovers around key resistance at 31.50 mark, sustained close above requires for upside rally

  • USD/TWD is currently trading around 31.50 marks.
     
  • It made intraday high at 31.53 and low at 31.48 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 31.42 mark.
     
  • A daily close above 31.48 will drag the parity up towards key resistances around 31.77, 31.90 and 32.46 marks respectively.
  • On the other side, key support levels are seen at 31.42, 31.20, 30.98, 30.68, 30.56, 30.45, 30.28, 30.15 and 30.05 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Taiwan stocks open up 0.2 pct at 10,547.15 points.

We prefer to take long position on USD/TWD around 31.48, stop loss at 31.38 and target of 31.90.

By Aarti Panchal
  • Market Data
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