USD/KRW: Risk of down move towards previous gap near 1,250/1,244 – SocGen

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19 July 2023

USD/KRW: Risk of down move towards previous gap near 1,250/1,244 – SocGen

Economists at Société Générale analyze USD/KRW technical outlook.

Downward momentum is prevalent

USD/KRW rebound petered out near 1,343 in May and it recently formed a lower peak near 1,324 after failing to overcome the 200-Day Moving Average (now at 1,310) and a multi-month down sloping trend line.

Daily MACD is anchored within negative territory which denotes downward momentum is prevalent.

In case the pair struggles to cross above the 200-DMA near 1310, the decline is expected to persist towards previous up-gap near 1,250/1,244.

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