FxWirePro: USD/KRW Remains Well supported Above 1135, Good to Buy on Dips

FxWirePro: USD/KRW Remains Well supported Above 1135, Good to Buy on Dips

22 April 2016, 06:26
Roberto Jacobs
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FxWirePro: USD/KRW Remains Well supported Above 1135, Good to Buy on Dips

  • USD/KRW is currently trading around 1140 levels. 
  • It made intraday high at 1141 and low at 1138 levels. 
  • Intraday bias remains bullish till the time pair holds immediate support at 1135 marks. 
  • A daily close above 1138 will drag the parity up towards key resistances at 1142/1153/1168/1172/1180/1193 marks. 
  • Alternatively, reversal from 1142 tests key supports at 1135/1126/1121/1115/1101 marks respectively. 
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms bearish trend. Current upside movement is likely to be short term correction only.

We prefer to take long position in USD/KRW only above 1142, stop loss 1135 and target 1153/1168 levels.

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