FxWirePro: South Korean won rises by 1 pct against U.S. dollar, bias remains bearish
USD/KRW is currently trading around 1,146 levels. Pair made intraday high at 1,152 and low at 1,146 marks. Intraday bias remains bearish till the time pair holds key resistance at 1,165 levels. A daily close above 1,154 …
Pair made intraday high at 1,152 and low at 1,146 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,165 levels.
A daily close above 1,154 will drag the parity higher towards key resistances at 1,165, 1,175, 1,186, 1,197, 1,203, 1,211, 1,220 (March 03, 2016 high) and 1,244 marks respectively.
On the other side, a sustained close below 1,154 will test key supports at 1,142/1,132/1,127/1,117 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/KRW around 1,150, stop loss 1,158 and target of 1,138/1,127.
