FxWirePro: South Korean fails to sustain above key resistance at 1153, good to sell on rallies

• USD/KRW is currently trading around 1146 levels.
   
• It made intraday high at 1151 and low at 1145 levels.
   
• Pair hits fresh 4 –month low at 1136 and on the very next day hit key resistance at 1153 after NFP results but unable to sustain above 1153 marks.
   
• Intraday bias remains bearish for the moment.
   
• A daily close below 1142 will tests key supports at 1129/1122 marks respectively.
   
• On the other side, reversal from key support targets key resistances at 1153/1172/1180/1193 marks.
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend.

We prefer to take short position in USD/KRW around 1147, stop loss 1155 and target 1129/1122 levels.