Select foreign currencies, after Covid/coronavirus bounce-back, have been weakening since early December 2020 - ahead of the NASDAQ (IXIC) question of faith in mid February 2021: Russian ruble RUB/USD, Brazilian real BRL/USD, Colombian peso COP/USD, Mexican peso MXN/USD, Korean won KRW/USD, Thai baht THB/USD, Japanese yen JPY/USD, Euro EUR/USD.
📌 The beauty of Korea is revealing itself right on time... the breakout is difficult to maintain as can be seen on the yearly close, the slingshot which turned out to a correct play for buyers has unlocked the potential for a major rally in 2021. Capital has its eyes on Korea (and a few others) for the advantage in its currency (KRW) and economic mobility across...
📌 KRW for the Yearly Close
This brings into an important consideration for review the long-term KRW chart, the plan chosen by sellers has been able to lure in late unaware buyers at the highs because of the simple nature of the impulse employed. By trapping the highs and aiming for the negative break in the yearly close, it is a very bearish sign.
Blew right through the resistance, headed to the next. Almost impossible to short foreign index ETFs with the dollar tanking.
The tanking dollar will obviously lead to inflation, even if the economy tanks next year. Funny that it was Korea that was concerned about stagflation last year.... seems like the US has more to worry about now.
Just remember we don't...
I don't know if this is a double top or if it's just gonna head straight for the top. US has zero interest rate for the first time ever, so currencies can hit new ATH.
Made money on EWY puts overnight, but flipped them in the morning.
Funny thing is that the weak US currency will mean Korean goods will be more expensive, so it's not good for them.
CUrrency looks like it got rejected by resistance, should whipsaw here.... hopefully down next week.
When trading foreign index ETFs like EWW, EWY, EWZ, or TUR, you gotta pay attention to the currency trade as well. The funds are NOT hedged against currency which means you're playing both the index and the currency.
You can trade these ETFs to take advantage of...
The inverse of the US Dollar Index DXY versus select Asian currencies of Japanese yen JPY, Korean won KRW, Singapore dollar SGD, Malaysian ringgit MYR, Thai baht THB, Philippine peso PHP - note recent trends against trends over the last decade.
USD_KRW RECOVERING FROM FALLOUT
(1) The pair will face resistance confluence
(2) A good pullback trade is expected
(3) Don't miss the moment
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📌 A short update here for those tracking USDKRW ... It has been a very slippery pig since the last update:
Here buyers stormed into control and chose to occupy the bid protecting 1140 via Covid flows. The relieving of this profit taking has become a bit more enterprising possibly via the idiosyncratic spike in cases for the U.S.
The next moves are cooked...
Pattern: Multi-year Channel Up on 1W since mid 2014.
Signal: If the green trend-lines break, it is a sell signal but suitable to long-term traders only.
Target: First to the 1W MA200 and then the Higher Lows trend-line of the long-term Channel Up as illustrated by the green arrows.
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Korea's economy looks set to be forming a meaningful floor in Q4 and with a helping hand from a temporary pause in protectionism we should see KRW remain in bid for the first half of 2020.
For the domestic story, Korean exports have fallen which spilt over to the demand side. With this in mind, should the USD devaluation / reflationary theme pick up pace for the...
Bitcoin’ and cryptocurrency became really famous in Korea. If you go to there, there is something that you can tell right away by interacting with the people... They are really, really smart, advanced, educated, polite and beautiful people. I believe they are ahead of the game when it comes to most other countries and their interest in Bitcoin’ is increasing...
This is Bithumb BTC KRW.
Looks like a massive monthly bear flag
that wants another 50% loss.
But if you zoom into the daily,
and look at the monthly volume candle,
just the last few days doubled all
that volume from the month before.
This is due to Bithumb secretly making
a fiat onramp partnership with NongHyup Bank.
Watching closely to see if we reverse...
What is up everyone, hope you are having an awesome day.
This post is a follow up on the epic ICX (non) breakout yesterday. We were watching ICX very closely yesterday and never saw the ABCDE/triangle breakout we were expecting. BTC/USD saw some profit taking and was overbought (Stoch RSI indicator with the purple line on the bottom the screen), the dip...