FxWirePro: South Korean won gains against U.S. dollar after comments from South Korea’s finance minister
USD/KRW is currently trading around 1,158 levels. It made intraday high at 1,161 and low at 1,156 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,162 levels. A daily close above 1,162 wi…
It made intraday high at 1,161 and low at 1,156 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,162 levels.
A daily close above 1,162 will drag the parity higher towards key resistances at 1,172, 1,178, 1,185, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
On the other side, a sustained close below 1,152 will test key supports at 1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
South Korea’s finance ministry says economic recovery sluggish due to weak production, investment.
South Korea’s finance ministry says concerned about risks spreading from domestic issues, hitting consumption, investment.
We prefer to take short position in USD/KRW only below 1,152, stop loss at 1,162 and target of 1,145/1,130.
