FxWirePro: South Korean Won Gains on Higher Consumer Confidence Data
- USD/KRW is currently trading around 1144 levels
- It made intraday high at 1147 and low at 1142 levels.
- Today South Korea released consumer sentiment index with positive numbers at 101 vs 100 previous reading.
- Intraday bias remains bearish 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 1152 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 short position in USD/KRW only below 1142, stop loss 1153 and target 1126/1121 levels.
The material has been provided by InstaForex Company - www.instaforex.com