USD/TWD may fall 161 - 240 pips

Our pivot point stands at 32.032.

Our preference

The downside prevails as long as 32.032 is resistance.

Alternative scenario

The upside breakout of 32.032, would call for 32.164 and 32.243.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 31.958 and 31.970).

Supports and resistances

32.243 **

32.164 *

32.032 **

31.980

31.907 last

31.746

31.667 **

31.588 *

31.509 **

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