FxWirePro: South Korean Won Holds Steady Despite Lower Than expected GDP Data
- USD/KRW is currently trading around 1149 levels.
- It made intraday high at 1150 and low at 1148 levels.
- South Korea’s Q1 GDP growth declined to 0.4 % (forecast 0.5 %) vs previous 0.7 %. In addition South Korea’s Q1 GDP growth y/y decreased to 2.7 % (forecast 2.7 %) vs previous 3.1 %.
- Intraday bias remains neutral for the moment.
- A daily close above 1153 will drag the parity up towards key resistances at 1168/1172/1180/1193 marks.
- Alternatively, reversal from 1153 tests key supports at 1142/1135/1126/1121/1115/1101 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms bearish trend.
We prefer to take long position in USD/KRW only above 1153, stop loss 1142 and target 1168/1172 levels.
The material has been provided by InstaForex Company - www.instaforex.com