USD/KRW clings to daily gains above 1,210 following Tuesday's rally to multi-year highs


  • US-China trade headlines continue to impact KRW's valuation.
  • Disappointing Chinese data and growth worries lift USD/KRW higher.

After climbing to its highest level since March 2016 at 1,224.14 on Tuesday, the USD/KRW pair lost its traction following the headlines surrounding the US-China trade conflict and closed the day at $1,206.75. With the market sentiment turning sour again on Wednesday, the pair erased a large part of Tuesday's losses and was last seen trading at 1,213.70, adding 0.67% on the day.

Although markets cheered the Trump administration's decision to delay additional tariffs on some Chinese imports until mid-December, latest headlines hinted that this move would not necessarily bring sides closer to a final deal.

Additionally, the data from China published on Wednesday revealed that the growth rate of retail sales on a yearly basis in July fell to 7.6% from 9.8% in June and missed the market expectation of 8.6%. Moreover, industrial production in China expanded by 4.8% in the same period and fell short of analysts' estimate of 5.8%.

Technical levels to watch for

USD/KRW

Overview
Today last price 1215.68
Today Daily Change 9.04
Today Daily Change % 0.75
Today daily open 1206.64
 
Trends
Daily SMA20 1194.02
Daily SMA50 1181.34
Daily SMA100 1171.93
Daily SMA200 1148.21
Levels
Previous Daily High 1224.14
Previous Daily Low 1205.64
Previous Weekly High 1225.18
Previous Weekly Low 1203
Previous Monthly High 1190.38
Previous Monthly Low 1149.79
Daily Fibonacci 38.2% 1212.71
Daily Fibonacci 61.8% 1217.07
Daily Pivot Point S1 1200.14
Daily Pivot Point S2 1193.64
Daily Pivot Point S3 1181.64
Daily Pivot Point R1 1218.64
Daily Pivot Point R2 1230.64
Daily Pivot Point R3 1237.14

 

 

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