FxWirePro: South Korean won continues to appreciate against US dollar, intraday bias remains bearish

• USD/KRW is currently trading around 1144 levels.
   
• It made intraday high at 1145 and low at 1143 levels.
   
• Pair hits fresh 4 –month low at 1136 and remains supported well below 1153 marks.
   
• Today South Korea released trade balance data with positive numbers at 9.80B m/m vs 7.40B m/m previous release.
   
• South Korea’s exports rose to -8.2% vs -12.2% m/m previous release while imports fell to -13.8% m/m vs -14.6% m/m previous release.
   
• 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 1142 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.
   
• Later today, US will release NFP job data results. This will provide further directions to the parity.

We prefer to take short position in USD/KRW around 1145, stop loss 1155 and target 1129/1122 levels.