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FxWirePro: USD/TWD rejects key resistance at 31.57 mark, short term trend reversal likely

  • USD/TWD is currently trading around 31.49 marks.
     
  • It made intraday high at 31.56 and low at 31.47 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 31.57 marks.
     
  • A daily close above 31.51 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 31.38, 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 0.1 pct at 10,313.15 points.

We prefer to take long position on USD/TWD only above 31.57, stop loss at 31.20 and target of 31.90.

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