Here is USDKRW, iShares MSCI South Korea (EWY) and a layered chart showing EWY and KRWUSD.
From where USDKRW sits now, every move above the line has been very bullish. The August 2022 sell-off also began right around when USDKRW cleared this line too.
EWY is sitting near 20-year support.
The South Korea stock market itself, shown by the KOSPI Index, doesn’t give much of a signal by itself, but it has tracked KRW in the past year and it tracks with South Korea exports. Those exports have been down double-digits year-on-year in July and August. China is their largest export market.
