raserrano

#USDCRC what will happen next?

Long
FX_IDC:USDCRC   U.S. DOLLAR / COSTA RICAN COLON
Weekly view indicates that eve after managing to get out of the descending wedge towards the upward trend or a new move could possibly get fire and started, I believe it will just slowly move back towards the 562.41 CRC monthly support level . The key daily level I was looking at this move and hoping that it would in reality be tested and gained was around 583.25 CRC which in fact was tested but never gained (at least for now).

The current situation seems that a break of the weekly level of 575.17 CRC will try to retest the 583.25 or move heading the bottom of 562.41 CRC . I truly believe the most viable move would be get into an accumulation phase near the 562.41 CRC level. From the chart and technical perspective the economy has not recovered yet and there is not need to buy more USD that might push the price up. This all will have to chance by the last week of November since most of the companies need to get their hands money to pay salaries and the yearly bonus salary called aguinaldo.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.