- USD/KRW is currently trading around 1165 levels.
- It made intraday high at 1170 and low at 1165 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1176 mark.
- A sustained close below 1162 will tests key supports 1153/1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
- Alternatively, a daily close above 1176 will drag the parity higher towards key resistances at 1182, 1196, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
- In addition, South Korea’s Kospi was trading 1.18% higher at 1,959.92 points.
- South Korea’s manufacturing BSI index stays flat at 72 vs previous 72.
We prefer to take short position in USD/KRW only below 1162, stop loss 1172 and target 1153/ 1145 marks respectively.
The material has been provided by InstaForex Company – www.instaforex.com