Inflation induced rate differentials over nominal exchange rates drove a steady (almost uniform) overvaluation of the Central European Currencies vs. the USD.
With present premiums around +10% a swift, near term correction is ever more likely.
LONG USDHUF, USDPLN, USDRON, USDCZK
Macro currency view and Elliot wave pattern.
What currently could be a long-term impulse move or a corrective with a 5 wave internal structure. Wave 3 is an extended not likely to pass my current target.
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💡 USDCZK technicaly based idea, we can see price is bounce from bottom trend line, candels formation strong...
Analysis
-USDCZK looking bullish after showing signs of reversal. Sellers pushed price down into support but buyers brought it back up above support before the daily candle close.
-The price action resulted in a daily pinbar setup AT SUPPORT which is a bullish sign.
-On the 1H time frame, price just broke a bearish trendline or the neckline of a head and...
