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- USD/KRW is currently trading around 1161 levels.
- It made intraday high at 1162 and low at 1159 marks.
- Intraday bias remains bullish till the time pair holds key support at 1152 marks.
- A sustained close below 1152 will tests key supports at 1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
- Alternatively, current upside movement 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.
- Yesterday BOK cuts base rate by 25 bps to record-low 1.25 pct vs 1.50 pct previous release.
- Today South Korea Central bank chief said, ‘Bank plans to keep monetary policy accommodative but it will be difficult for domestic economy to escape low growth, low inflation quickly’.
We prefer to take long position in USD/KRW only above 1162, stop loss 1152 and target 1176/ 1182 marks.
