FxWirePro: USD/KRW hits fresh 5-week high at 1,172, consistent break above targets 1,196
USD/KRW is currently trading around 1,170 levels. It made intraday high at 1,172 and low at 1,165 marks. Intraday bias remains bullish till the time pair holds key support at 1,146 levels. A daily close above 1,172 will …
It made intraday high at 1,172 and low at 1,165 marks.
Intraday bias remains bullish till the time pair holds key support at 1,146 levels.
A daily close above 1,172 will drag the parity higher towards key resistances at 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
On the other side, a sustained close below 1,146 will test key supports at 1,132/1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
South Korea’s Kospi was trading 0.27 percent lower at 1,978.36 points.
South Korea October import price growth Y/Y increases to -0.6 % vs previous -7.7 % (revised from -7.8 %).
South Korea October export price growth Y/Y increases to -1.6 % vs previous -8.3 %.
We prefer to go long on USD/KRW only above 1,172, stop loss 1,145 and target 1,196.
