FxWirePro: South Korean Won Gains in Early Asia, Intraday Bias Remains Bearish

FxWirePro: South Korean Won Gains in Early Asia, Intraday Bias Remains Bearish

17 May 2016, 06:23
Roberto Jacobs
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FxWirePro: South Korean Won Gains in Early Asia, Intraday Bias Remains Bearish

  • USD/KRW is currently trading around 1172 levels. 
  • It made intraday high at 1175 and low at 1172 levels. 
  • Intraday bias remains bearish till the time pair holds key resistance at 1180 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 1172 will test key supports at 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.

We prefer to take short position in USD/KRW only below 1172, stop loss 1182 and target 1153 marks.

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