FxWirePro: USD/KRW hits fresh 4-week high at 1,123- stay bullish
USD/KRW is currently trading around 1,122 levels. It made intraday high at 1,124 and low at 1,121 levels. Intraday bias remains bullish till the time pair holds key support at 1,107 levels. A sustained close below 1,107 …
It made intraday high at 1,124 and low at 1,121 levels.
Intraday bias remains bullish till the time pair holds key support at 1,107 levels.
A sustained close below 1,107 will test key supports at 1,092/1,078/1,063/1044 levels respectively.
Alternatively, current up trend will drag the parity higher towards key resistances at 1,124, 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 around 0.48 percent lower at 2,046 points.
South Korea August 1-20 exports -0.3 pct y/y, imports -0.7 pct y/y -customs agency.
We prefer to take long position in USD/KRW around 1,120 with stop loss at 1,092 and target of 1,142/1,152.
