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PHP continues to strengthen as weak demand for dollars in the country, lackluster import demand and continuing weakness in USD continues. >Downtrend Line continues to be respected >Trend Indicators remain weak >Next Support level seen at 47.90 - 48.00 levels
The USD to PHP conversion rate has drastically lost P2 from the average P50 exchange rate before covid-19 pandemic.
Pattern: Channel Down. Signal: (A) Buy as long as the 4 year Support holds. (B) Sell if it breaks. Target: (A) 50.00 (just below the Symmetrical Resistance). (B) 48.00 (the next Support level). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
It's possible this is just a retracement and we may see a bounce not a reversal from the original count
My Technical Analysis USD/PHP Based on my technical analysis and as caused by the ongoing COVID-19 pandemic, I can see that the value of PHP (Philippine Peso) can possibly drop from 47 to 45 Reason: 1) June & July closed below Exponential Moving Average 20 & 50 2) Elliott Wave (4) is a corrective wave. it played out perfectly in Fibonacci...
Try to sell USD on the rally back to 52.
Scenario 1: Bias - Short Entry: 51.97 stop loss - 52.02 TP: 51.85 Scenario 2: Bias: Short Entry: 52.19 Stop Loss: 52.41 TP: 51.85 Scenario 3: Bias: Long Entry: 52.25 Stop Loss: 52.19 TP: 52.62 Scenario 4: Bias:Long Entry: 51.86 Stop Loss:51.74 TP: 52.19
BSP announces rate cut last May 9 and multiple RRR cuts thereafter. USDPHP has spoken it wants to go up. Possibly 56 if the previous 8% to 9% runups are any indication.
Looks like going to 50, according to MA ribbon.
Weekly chart shows that it already broke down its trend support and forming head and shoulders. it would be better if we short now until the elections this coming May
If we break the 52 level it's possible the Peso will go to 49 to 50 Level Wave (4).
US Dollar and Philippine Peso Analysis (Daily Chart) 11.13.2018 Still an Uptrend. Price hit EMA 200 on 11/7, Bearish Candle, but followed by 2 Bullish Candle Price just came from a major support level Retracement already ended, Stochastic is almost on level (out of the oversold zone) Generally a Healthy uptrend Recommendations: BUY at 53.025 when market opens...
The chart is telling us that we will have a stronger peso this coming days and it is foretasted to go down to 52 level to complete the Potential Bullish Cypher harmonic Pattern.
USDPHP It Might Go Down to 50 Level