USD/TWD is heavy today, last trades at.......>

TAIWAN: USD/TWD is heavy today, last trades at TWD29.79. The rate has given away

14 pips thus far, taking out a key near-term support from Jan 14 low of TWD29.85

and printing its worst levels in two years in the process.

- Bears look for a convincing break below the lower 3.0% Bollinger band at

TWD29.78, with the next support level located at TWD29.66, the 76.4% retracement

of the 25 Jan 2018 - 6 Aug 2019 rally. Bulls keep an eye on the ascending

50-DMA, which looks set to challenge the 100-DMA intersecting just one pip

above. Should USD/TWD manage to retake the aforementioned Jan 14 low, topside

focus would turn to Apr 28 high of TWD30.01.

- Worth reminding that earlier this week U.S. Health Secretary Alex Azar spoke

with his Taiwanese counterpart Chen Shih-chung to discuss the coronavirus

situation. Their conversation, a rare instance of contact between high-level

U.S. and Taiwanese off'ls, certainly won't be well received in Beijing.

- Taiwan publishes its preliminary Q1 GDP later within a few hours.