USD/TWD may fall 78 - 116 pips

Our pivot point is at 32.591.

Our preference

The downside prevails as long as 32.591 is resistance.

Alternative scenario

The upside breakout of 32.591, would call for 32.656 and 32.695.

Comment

The RSI is below 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 32.564 and 32.560).

Supports and resistances

32.695 **

32.656 *

32.591 **

32.566

32.535 last

32.457

32.419 **

32.380 *

32.341 **

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