megatrade101

PHP Historical Price & A Greater Probability of further Weakness

FX_IDC:USDPHP   US DOLLAR / PHILIPPINE PESO
52 0 2
The worst performing value for the PHP             was recorded on April             18-19, 2004 Asian Session. And marked a high @57.50/72 which later pulled back to close 55.75. And marked as the worst devaluation of the PHP             against the USD. Which began drifting thereafter. The pivotal price recovery started @40.15 dated Jan 20, 2008 with a 2nd higher low 42.45 in Nov 11.08, 2010 and repeated in March 11, 2013             which started the full run to the USDPHP             recovery as of today Oct             27, 2016 @48.55 to this writing.

When such chart and price patterns are defined there is a higher probability that a the consolidated period which broke out of its trend line resistance from its highest price level @57.50/72 can re-test another run towards the 52.38 rate level after breaching its average price of 47.25. The recent week's low @47.92 shows the resiliency of the USD strength and PHP             weakness. As prices have to continued back above the 48.50 levels.

Which means Long on the USD and Short on the PHP             as weakness in value prevails in the near-to medium term outlook
Comment: Validated as breaking the trend line resistance.
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