USD/KRW may fall 703 - 1023 pips

1332.20 is our pivot point.

Our preference

The downside prevails as long as 1332.20 is resistance.

Alternative scenario

Above 1332.20, look for 1337.60 and 1340.80.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1329.90 and 1335.60).

Supports and resistances

1340.80 **

1337.60 *

1332.20 **

1330.10

1326.13 last

1319.10

1315.90 **

1312.70 *

1309.50 **

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