FxWirePro: South Korean won gains on robust GDP data

• USD/KRW is currently trading around 1190 levels.


• Overnight South Korea released GDP data with positive numbers.
   
• South Korea’s Q1 GDP growth increases to 0.5 % vs previous 0.4 % and year on year growth increases to 2.8 % vs previous 2.7 %.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1195 marks.
   
• A daily close above 1194 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
   
• Alternatively, a sustained close below 1182 will tests key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
   
• Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.

We prefer to take long position in USD/KRW only above 1194, stop loss 1177 and target 1209 marks.