USDPHP - 24Jan2022
On the weekly, last week candle formed a topping tail. On the daily, price broke out of the triangle pattern with target around 52.00. With last weekly candle, we need to be cautious as price could pull back first to 20EMA support at 51.09 before further upside.
On the H4, price dropped to support at 51.20. Market structure have also changed to lower highs and lower lows. If price bounced up to 51.37, we could expect it to face bearish pressure and possibly pull back to 1st Support at 51.09.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the weekly, last week candle formed a topping tail. On the daily, price broke out of the triangle pattern with target around 52.00. With last weekly candle, we need to be cautious as price could pull back first to 20EMA support at 51.09 before further upside.
On the H4, price dropped to support at 51.20. Market structure have also changed to lower highs and lower lows. If price bounced up to 51.37, we could expect it to face bearish pressure and possibly pull back to 1st Support at 51.09.
This is for personal record purposes only, not financial advise or solicitation of trade.