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Although, USDKRW has declined today from the highs of 1141.50, remained well supported at 21-DMAs or at 1133.90 levels on daily terms.
Leading oscillators converge to the ongoing dips that signals the strength and momentum in short term bearish sentiments.
RSI on daily charts trending below 53 levels, while stochastic curves indicate the selling momentum with %D crossover. Same is not the case on monthly plotting.
Korean currency has won the trading against US dollar in last week and in the mood of dragging its recent gains, KRW gained almost 9.23% to evidence 6 months lows in USDKRW, but on the contrary, last month’s price gains of this pair should not disregarded.
The major trend indicates the tug of war between bulls & bear to prevail; we see pivot point as 21EMA.
Thereby, we conclude by saying the downtrend that has lasted for more than 7 months is now looking quite weaker.
