FxWirePro: South Korean won gains in early Asia, intraday bias remains bearish
USD/KRW is currently trading around 1134 levels. It made intraday high at 1137 and low at 1134 levels. A series of mix data from the South Korea pushed the South Korean won higher in early Asia. BOK manufacturing index r…
It made intraday high at 1137 and low at 1134 levels.
A series of mix data from the South Korea pushed the South Korean won higher in early Asia.
BOK manufacturing index released with positive numbers at 69 vs 66 previous release and South Korea’s service sector output growth data outperformed at 0.8% m/m vs 0.3% m/m previous release.
On the other side, industrial
sector growth fell to -2.2% m/m vs 3.3% m/m previous release.
Intraday bias remains bearish till the time pair holds key resistance at 1142 levels.
A sustained break below 1134 will test key supports at 1127/1121/1115 levels respectively.
A daily close above 1142 will drag the parity up towards key resistances at 1153/1168/1172/1180/1193 marks.
We prefer to take short position in USD/KRW only below 1132, stop loss 1142 and target 1121/1115 levels.
