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FxWirePro: South Korean won falls as BOK keeps policy rate steady at 1.5 pct

Friday, May 13, 2016 1:19 AM UTC

USD/KRW is currently trading around 1169 levels.
Intraday bias remains bullish till the time pair holds key support at 1162 marks.
Today BOK keeps policy rate steady at 1.50 pct as expected.
Pair is trading in a narrow range from 1162 to 1176 marks.
A break of either side will provide further direction to the parity.
A daily close above 1172 will drag the parity up towards key resistances at 1180/1193 (20, 30 and 55D EMA crossover)/1211 marks.
A sustained close below 1162 will test key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.

We prefer to take long position in USD/KRW only above 1176, stop loss 1162 and target 1193 marks.

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FxWirePro: South Korean won falls as BOK keeps policy rate steady at 1.5 pct

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