USD/KRW may rise 514 - 734 pips

Our pivot point stands at 1382.40.

Our preference

As long as 1382.40 is support look for 1393.40.

Alternative scenario

The downside breakout of 1382.40 would call for 1378.60 and 1376.40.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1385.40 and 1383.10).

Supports and resistances

1397.90 **

1395.60 *

1393.40 **

1391.20

1386.06 last

1383.80

1382.40 **

1378.60 *

1376.40 **

Number of asterisks represents the strength of support and resistance levels.