FxWirePro: USD/KRW hits fresh monthly low at 1153, faces strong support at 1152
USD/KRW is currently trading around 1157 levels. Intraday bias remains bearish till the time pair holds key resistance at 1168 marks. A sustained close below 1152 will tests key supports at 1142 (20D EMA)/ 1134/1127 (Oct…
Intraday bias remains bearish till the time pair holds key resistance at 1168 marks.
A sustained close below 1152 will tests key supports at 1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Alternatively, reversal from key support will drag the parity higher towards key resistances at 1168, 1176, 1182, 1196 (June 01, 2016 high), 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
Today South Korea will release L-Money Supply Growth at 0300 GMT.
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.
