FxWirePro: South Korean won gains sharply against US dollar on the back of positive manufacturing PMI data
USD/KRW is currently trading around 1147 levels. It made intraday high at 1149 and low at 1142 levels. Intraday bias remains bearish till the time pair holds key resistance at 1152 mark. A sustained close below 1142 will…
It made intraday high at 1149 and low at 1142 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1152 mark.
A sustained close below 1142 will tests key supports 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Alternatively, a daily close above 1152 will drag the parity higher towards key resistances at 1161182, 1196, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s Kospi was trading 0.81% higher at 1,986.92 points.
South Korea June Nikkei markit manufacturing PMI increase to 50.5 vs previous 50.1.
We prefer to take short position in USD/KRW only below 1142, stop loss 1158 and target 1128/ 1115 respectively.
