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
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).
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My Technical Analysis
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
1) June & July closed below Exponential Moving Average 20 & 50
2) Elliott Wave (4) is a corrective wave. it played out perfectly in Fibonacci...
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...