FxWirePro: South Korean Won Gains on Higher Consumer Confidence Data

FxWirePro: South Korean Won Gains on Higher Consumer Confidence Data

27 April 2016, 05:59
Roberto Jacobs
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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



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