USD/TWD may fall 137 - 180 pips

Our pivot point stands at 32.717.

Our preference

The downside prevails as long as 32.717 is resistance.

Alternative scenario

The upside breakout of 32.717, would call for 32.790 and 32.833.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 32.686 and 32.731).

Supports and resistances

32.833 **

32.790 *

32.717 **

32.689

32.651 last

32.514

32.471 **

32.428 *

32.385 **

Number of asterisks represents the strength of support and resistance levels.