USD might test level of 439 in coming days, followed by retest and further continuation upside topping in the range of 460-470 KZT per USD closer to June 2022
This oil-related pair is going to complete the wave 4 down reaching minimum area of retracement at 38.2% Fibonacci of wave 3 at 430.
The next support is at 50% at 420.
I see the USDRUB should reverse soon so this pair then is going to follow.
The target for wave 5 is located within 474-485 range.
Hello our lovely Motherland!
Sorry, we really crying, but frankly & fundamentally Powerful Traders predict 500 - 550 tenge to 1/09/2020y.
(Kazakhstan is the Motherland of PowerfulTraders)
No comments... Regards.
I will keep this one very quick as not much interest in KZT. On the technical side we have a very clean and simple legs to track here, nothing to change my view of the gravitational pull back towards normality circa 310 in the coming weeks. Heavy USD sells continue from locals nad in my books a matter of time before we are -18% from the original entries:
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A fresh and new instrument to the @ridethepig Tradingview portfolio. Tenge finding a strong bid with a lot of air below to the next target area. Tenge is definitely oversold and cheap compared to other valuations in EM FX space, the attractive carry is worth playing if you have Oil or RUB in the playbook.
A quick recap of the Oil Macro chart:
From a...
