USDPHP Expecting a correction ahead

FX_IDC:USDPHP   U.S. Dollar / Philippine peso
8 0 0
Fundamentally, the Peso has been undervalued due to external pressures. I'm strong on the position that this should appreciate. Lower commodity imports in nominal terms (due to low commodity prices) is benefiting the trade balance. Philippines has a very resilient and consistent sources of Dollars from OFWs and the BPO sectors which they need to convert to Peso. With the 4th quarter getting ahead, strong inflows is expected which should provide pressures for this to appreciate.

To add, short term resistance of 46.824 which I drew a red line should be a strong resistance this week. the USD index, although consolidating, are showing weak momentum as seen in the MACD and stochastics. The Peso should appreciate this week.
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