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FxWirePro: USD/TWD remains volatile in early Asia, sustained close below 30.50 requires for downside rally

  • USD/TWD is currently trading around 30.53 marks.
     
  • It made intraday high at 30.57 and low at 30.36 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 30.70 mark.
     
  • A daily close above 30.70 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 30.48, 30.36 and 30.11 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 TWII was trading 0.34 pct higher at 11,222.12 points.
     
  • Taiwan will release unemployment rate data around 0800 GMT.

We prefer to take long position on USD/TWD only above 30.70, stop loss 30.20 and target of 31.02/31.22 mark.

By Aarti Panchal
  • Market Data
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