- USD/KRW is currently trading around 1,165 levels.
- Pair made intraday high at 1,168 and low at 1,163 marks.
- Intraday bias remains neutral till the time pair holds key support at 1,162 levels.
- A daily close above 1,169 will drag the parity higher towards key resistances at 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 1,162 will test key supports at 1,152/1,142/1,132/1,127/1,117 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
