FxWirePro: USD/KRW hits fresh 6-week low at 1,161, sustained close below targets 1,142
USD/KRW is currently trading around 1,166 levels. Pair made intraday high at 1,167 and low at 1,161 marks. Intraday bias remains neutral till the time pair holds key support at 1,161 levels. A daily close above 1,162 wil…
Pair made intraday high at 1,167 and low at 1,161 marks.
Intraday bias remains neutral till the time pair holds key support at 1,161 levels.
A daily close above 1,162 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. Current down side movement is short term trend correction only.
We prefer to go short on USD/KRW around 1,166 with stop loss at 1,175 and target of 1,142/1,127.
