FxWirePro: South Korean Won Gains on the Back of Higher Than expected Manufacturing PMI Data

FxWirePro: South Korean Won Gains on the Back of Higher Than expected Manufacturing PMI Data

2 May 2016, 05:42
Roberto Jacobs
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FxWirePro: South Korean Won Gains on the Back of Higher Than expected Manufacturing PMI Data

  • USD/KRW is currently trading around 1140 levels. 
  • It made intraday high at 1146 and low at 1140 levels. 
  • Today South Korea released manufacturing PMI data with positive numbers at 50.0 m/m vs 49.5 m/m previous release. 
  • Intraday bias remains bearish till the time pair holds key resistance at 1142 levels. 
  • A sustained close below 1134 will test key supports at 1127/1121/1115 levels respectively. 
  • A daily close above 1142 will drag the parity up towards key resistances at 1153/1168/1172/1180/1193 marks.

We prefer to take short position in USD/KRW only below 1140, stop loss 1153 and target 1121/1115 levels.

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