• FxWirePro: USD/TWD continues to trade in rigid boundaries, further sideways movement likely

    Source: FxWire Pro - Technicals / 24 Nov 2019 04:23:13   America/Los_Angeles

    • USD/TWD is currently trading around 30.51 marks.
       
    • It made intraday high at 30.52 and low at 30.45 marks.
       
    • Intraday bias remains neutral till the time pair holds key resistance at 30.57 mark.
       
    • A daily close above 30.57 will drag the parity up towards key resistances around 30.70, 30.87, 31.02, 31.22, 31.40, 31.71 and 31.90 marks respectively.
    • On the other side, key support levels are seen at 30.47, 30.33, 30.11, 29.84, 29.70 and 29.46 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 stock was trading 0.14 pct lower at 11,541.60 points.

    We prefer to take long position on USD/TWD only above 30.58, stop loss at 30.40 and target of 30.87/31.02.

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