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SOUTH KOREA

BoK Growth Forecast Could Be At Risk

JGB TECHS

(U1) Fades Off 2021 Highs

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  • RES 4: 1.2006 High Jun 29 / Jun 17
  • RES 3: 1.1943/75 50-day EMA / High Jun 25
  • RES 2: 1.1930 High Jun 29
  • RES 1: 1.1851/1881 High Jul 15 / High Jul 9
  • PRICE: 1.1784 @ 16:15 BST Jul 22
  • SUP 1: 1.1752 Low Jul 21
  • SUP 2: 1.1738 Low Apr 5
  • SUP 3: 1.1704 Low Mar 31 and a key support
  • SUP 4: 1.1603 Low Nov 4, 2020

A post ECB rally in the pair stopped short of any test on the first resistance level at 1.1851, keeping the outlook unchanged. This week's move lower extends the bearish price sequence of lower lows and lows and lower highs and cements the bearish outlook. The focus is on 1.1704, Mar 31 low. With the imminent formation of a death cross (50- breaking below the 200-dma), the focus remains lower. A break of 1.1704 would strengthen the bearish case. Initial firm resistance is at 1.1851.