USD/KRW is consolidating near key support at 1358, with momentum indicators showing limited direction. A sustained move above 1406 could open the way toward the 200-day moving average at 1417/1425, Société Générale's FX analysts note.
Pair consolidates after June rebound
"USD/KRW tested a multiyear ascending trend line at 1346 in June (currently at 1358), prompting a brief rebound. The pair has recently consolidated within a narrow range. Daily MACD has oscillated around its trigger line, indicating a lack of clear short-term direction."
"Defending the trend line at 1358 is crucial for sustaining the rebound. A break above the recent consolidation upper limit at 1406 could trigger extension in bounce towards the 200-day moving average at 1417/1425."
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now