• FxWirePro: USD/TWD hovers around 29.88 Mark, sustained close above requires for upside rally

    Source: FxWire Pro - Technicals / 16 May 2018 00:46:24   America/New_York

    • USD/TWD is currently trading around 29.86 marks.
       
    • It made intraday high at 29.96 and low at 29.86 marks.
       
    • Intraday bias remains neutral till the time pair holds key resistance at 30.00 mark.
       
    • A daily close above 29.88 will drag the parity up towards key resistances around 29.97, 30.08, 30.22 and 30.30 marks respectively.
    • On the other side, key support levels are seen at 29.72, 29.50, 29.43, 29.30, 29.15, 29.02, 28.99, 28.89 and 28.77 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
       
    • Taiwan stocks open flat at 10,873.54 points.

    We prefer to take long position on USD/TWD only above 29.97, stop loss 29.72 and target of 30.22.

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