Go long in USDTWD as upswings break 200DMA & trendline support
The current price upswings have spiked above DMAs, while 7DMA crosses over 21DMA which is the bullish crossover.
The breach above 200 day moving average opens room for more upside.
The trend line support from the August lows should offer robust downside protection while the recent break above the 200d moving average (31.99), the sustenance above would signal more scope for further upside potential.
While the leading indicators with their constant upward convergence to the upswings in price are the confirmation to the strength in the uptrend.
MACD is also substantiating this bullish stance with its bullish crossover above zero level.
Most importantly, this bullish price behavior has consistently been taking support at rising trendline that is attempting hover above DMAs. For now, bulls are testing a stiff resistance at 32.101 level, we believe any decisive breach above would intensify the bullish momentum.
Hence, we advocate staying long in this pair for next target of 32.405 for sure upon breach of above-stated resistance.
The breach above 200 day moving average opens room for more upside.
The trend line support from the August lows should offer robust downside protection while the recent break above the 200d moving average (31.99), the sustenance above would signal more scope for further upside potential.
While the leading indicators with their constant upward convergence to the upswings in price are the confirmation to the strength in the uptrend.
MACD is also substantiating this bullish stance with its bullish crossover above zero level.
Most importantly, this bullish price behavior has consistently been taking support at rising trendline that is attempting hover above DMAs. For now, bulls are testing a stiff resistance at 32.101 level, we believe any decisive breach above would intensify the bullish momentum.
Hence, we advocate staying long in this pair for next target of 32.405 for sure upon breach of above-stated resistance.
