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FxWirePro: South Korean won gains sharply against US dollar on the back of positive manufacturing PMI data

  • USD/KRW is currently trading around 1147 levels.
     
  • It made intraday high at 1149 and low at 1142 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1152 mark.    
     
  • A sustained close below 1142 will tests key supports 1134/1127 (October 2015 low) /1121/1115 levels respectively.
     
  • Alternatively, a daily close above 1152 will drag the parity higher towards key resistances at 1161182, 1196, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
     
  • In addition, South Korea’s Kospi was trading 0.81% higher at 1,986.92 points.
     
  • South Korea June Nikkei markit manufacturing PMI increase to 50.5 vs previous 50.1.

We prefer to take short position in USD/KRW only below 1142, stop loss 1158 and target 1128/ 1115 respectively.

  • Market Data
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