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

  • USD/KRW is currently trading around 1134 levels.
     
  • It made intraday high at 1137 and low at 1134 levels.
     
  • A series of mix data from the South Korea pushed the South Korean won higher in early Asia.
     
  • BOK manufacturing index released with positive numbers at 69 vs 66 previous release and South Korea’s service sector output growth data outperformed at 0.8% m/m vs 0.3% m/m previous release.
     
  • On the other side, industrial sector growth fell to -2.2% m/m vs 3.3% m/m previous release.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1142 levels.
     
  • A sustained break 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 1132, stop loss 1142 and target 1121/1115 levels.

The material has been provided by InstaForex Company – www.instaforex.com