FxWirePro: South Korean won opens onshore trade at 1,112.5 per dollar, hits fresh 14-month low at 1,110
USD/KRW is currently trading around 1,112 levels. It made intraday high at 1,113 and low at 1,110 levels. Intraday bias remains bearish for the moment. A sustained close below 1,110 will test key supports at 1,101/1,095/…
It made intraday high at 1,113 and low at 1,110 levels.
Intraday bias remains bearish for the moment.
A sustained close below 1,110 will test key supports at 1,101/1,095/1,078/1,063 levels respectively.
Alternatively, reversal from immediate support will drag the parity higher towards key resistances at 1,128, 1,138, 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s Kospi was trading 0.72 percent higher at 2,030.28 points.
South Korea July Nikkei Markit manufacturing PMI decrease to 50.1 vs previous 50.5.
South Korea July new export orders 51.4 vs 51.2 in June - Nikkei/Markit.
We prefer to take short position in USD/KRW only below 1,110 with stop loss at 1,128 and target 1,078.
