FxWirePro: South Korean won appreciates on robust GDP data
USD/KRW is currently trading around 1,138 levels. It made intraday high at 1,141 and low at 1,138 levels. Intraday bias remains bearish for the moment. A sustained break below 1128(October 2015 low) will tests key suppor…
It made intraday high at 1,141 and low at 1,138 levels.
Intraday bias remains bearish for the moment.
A sustained break below 1128(October 2015 low) will tests key supports at 1121/1115/1101/1095/1078/1063 levels respectively.
Alternatively, a daily close above 1142 will drag the parity higher towards key resistances at 1152, 1162, 1176, 1182, 1196, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s Kospi was trading 0.12% higher at 2,014.28 points.
South Korea’s Q2 GDP growth Q/Q increases to 0.7 percent (forecast 0.7 %) vs previous 0.5 percent.
South Korea’s Q2 GDP growth Y/Y increase to 3.2 percent (forecast 2.9 %) vs previous 2.8 percent.
We prefer to take short position in USD/KRW around 1,140 with stop loss at 1,142 and target 1,128/ 1,115 marks.
