FxWirePro: South Korean Won Hovers Around Key Resistance at 1178, Intraday Bias Remains Neutral
16 May 2016, 04:59
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FxWirePro: South Korean Won Hovers Around Key Resistance at 1178, Intraday Bias Remains Neutral
- USD/KRW is currently trading around 1178 levels.
- Today South Korea released trade balance data with flat numbers at 8.80B m/m.
- Intraday bias remains neutral till the time pair holds key resistance at 1178 marks.
- A daily close above 1178 will drag the parity up towards key resistances at 1182/1193 (20, 30 and 55D EMA crossover)/1211 marks.
- A sustained close below 1162 will test key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
We prefer to take long position in USD/KRW only above 1178, stop loss 1162 and target 1193 marks.
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