• FxWirePro: USD/TWD hovers around key resistance at 29.42 Mark, sustained close above requires for upside rally

    Source: FxWire Pro - Technicals / 16 Apr 2018 23:50:21   America/New_York

    • USD/TWD is currently trading around 29.38 marks.
       
    • It made intraday high at 29.42 and low at 29.35 marks.
       
    • Intraday bias remains bullish till the time pair holds key support at 29.30 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 flat at 10,953.51 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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