USD/TWD may fall 177 - 255 pips

31.924 is our pivot point.

Our preference

The downside prevails as long as 31.924 is resistance.

Alternative scenario

Above 31.924, look for 32.056 and 32.134.

Comment

The RSI is below its neutrality area at 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 31.858 and 31.854). Finally, the USD/TWD has penetrated its lower Bollinger band (31.821).

Supports and resistances

32.134 **

32.056 *

31.924 **

31.872

31.812 last

31.635

31.557 **

31.478 *

31.400 **

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