Joel_Ochoa

USDKRW - Depreciation of the Korean Won Accelerates.

FX_IDC:USDKRW   U.S. Dollar / South Korean
After breaking the 2yr highs a couple of days ago, now it seems we will get close to 1210, a level reached on January 2017.

I expect the USDKRW to go higher, especially since the slowdown in local economy and not good news from the US/China trade talks.
I do not recommend buying the KRW at his levels. Any bad news from US/China trade talks will make the KRW go lower, and in case of good news I do not see traders going back to KRW .
Seems to be a three wave move upwards with a triangle in the middle. As you say, 1210 is possible and is just about C=A. Already approaching that area but Bank of Korea appears to be intervening to cap it at 1200.
+1 Reply
kunsan kunsan
To my eye the current action around 1170 is a likely 4th wave upwards with a 5th wave test of 1200 still to come. That will complete the larger three waves upwards move after which a drop back to at least overlap the action at 1120/30 is likely.




+1 Reply
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