USDHUF - Short Opportunity 1D

FX_IDC:USDHUF   U.S. Dollar / Hungarian Forint
USD broke falling wedge on daily against HUF . It has completed 5 waves of the recent mid-term bullrun and is starting an ABC correcion potentially. RSI is showing bearish divergence on daily.

There is a short term 0.786 support of the overall Elliot 1-5 cycle at around 276.6 level - I am expecting this to break given the bearish confluences ( falling wedge pattern and RSI divergence) and the target I am looking for as the A leg correction is the 0.618 level - just above 270.1. This is the upper level of a support zone between 267.3 - 270.1 (267.3 is the 0.382 of the previous mid-term bearish swing and 0.786 fib of the mega long-term bullish swing starting from 142 in 2008).

These are my personal views. Please trade carefully and with capital you can afford to lose! Comments are very welcomed!
Trade active
Comment: At 0.786 fib of Elliot 1-5. If breaks target is 0.618 - above 270.1 to TP.


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