The exchange builds on the preparation of a second fractal track. Probably after a downward movement, which can reach the 277 huf level, it can move to another double-wave ascending path. The target for dual wave structure is 288 Huf.
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Stop loss, etnry price and targets are mentinoed on graph.
If weekly candle closes below the trendline, a long term downtrend can ensue. Key levels on the chart.
Stop loss, entry price and targets mentioned.
The exchange rate rises. It is currently facing the two most significant fractal points in the past. At the same time, this shaft acts as a resistance shaft. In the event of this breakthrough, a significant gap is expected to weaken the Hungarian forint. As long as the EURHUF has a double wave movement, USDHUF is more likely to expect a stronger wave structure....
Targets and stop loss mentioned in graph.
The previous TP = 283.20 on USDHUF was hit and the pair has been trading sideways since within a 273.754 - 285.075 1W Rectangle (ADX = 17.489, Williams = -49.968, Highs/Lows = 0.0000). The most optimal approach is to long near the 273.754 Support (TP = 283.268) and short near the 285.075 Resistance (TP = 275.110).
USDHUF Long ... There are three types of wave structure in the exchange rate. The final wave structure target price is 293.68 HUF. Then I expect a smaller ABC correction, up to the rising ATR axes (purple line). Then if events in Turkey continue to muddle the mood of investors, then a bigger jump from this axis can begin.
USDHUF Buy Idea @Daily Demand Zone (248.445 - 246.552) Buy Limit: 248.521 Stop Loss: 246.022 Take Profit: 253.417
USDHUF Buy Idea @Weekly Demand Zone (253.474 - 250.029) Buy Limit: 253.402 Stop Loss: 249.648 Take Profit: 260.852
USD broke falling wedge on daily against HUF. It has completed 5 waves of the recent mid-term bullrun and is starting an ABC correcion potentially. RSI is showing bearish divergence on daily. There is a short term 0.786 support of the overall Elliot 1-5 cycle at around 276.6 level - I am expecting this to break given the bearish confluences (falling wedge pattern...
USDHUF is consolidating (4H RSI = 54.112, ADX = 17.781) on the Higher Low line of the 1D Channel Up (RSI = 63.148, Highs/Lows = 0.2450). We are going long, TP = 283.200.
USDHUF started corrective action. Two fractal movements can be identified in the exchange rate. In the second fractal I have a growth of 1.68 ATR. From this, the second fractal target is 264.93 HUF. From this level, the rise can continue.
We are buying a pivot breakout at the 60 minutes that is a continuation of a major uptrend at H4. The stop loss is at the last bottom of the pivot an the target at a 100% fibo expansion.