USDKRW ready to sweep the lows after steel resistance held...
Here we are tracking the end of a rally since Q2 2018, the bid has exhausted and is looking corrective in nature. We confirmed a test of resistance at 1195 which held, this was an ABC sequence from the lows.
To put simply, it is possible that the entire rally we saw since last year has been counter trend and against the macro flows. If this is correct then we are aligning for a major massacre here.
To the downside in terms of targets the first major support area comes into play at the 1057 lows. Confidence for shorts will increase below 1150 with targets at 1050.
Best of luck all those trading the KRW correction.
To put simply, it is possible that the entire rally we saw since last year has been counter trend and against the macro flows. If this is correct then we are aligning for a major massacre here.
To the downside in terms of targets the first major support area comes into play at the 1057 lows. Confidence for shorts will increase below 1150 with targets at 1050.
Best of luck all those trading the KRW correction.
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