USD/TWD may rise 118 - 167 pips

Our pivot point stands at 32.176.

Our preference

Rise to 32.407.

Alternative scenario

The downside breakout of 32.176 would call for 32.094 and 32.045.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is below its 20 period moving average (32.241) but above its 50 period moving average (32.237).

Supports and resistances

32.504 **

32.456 *

32.407 **

32.358

32.240 last

32.208

32.176 **

32.094 *

32.045 **

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