First thing first, Compared to USD/MYR... this pair does not look as bearish..
But it shows that bears are creeping over with the series of lower high and lower low since last week.
If this to continues, the pair is sure going to retest 46.73 first.. This is where we have to see for the next clue for the next direction.
Sonic
Remember My USD/PHP long call on 26 days ago??
Well.. It did play out well..
and Now it is in the uncharted territory, but do not go in with both legs and dive in shorts...
BULL presents is still strong...
It "seems" lil late to LONG but definitely not for SHORT.. Shorts should only be considered if there more bear candles show up..
Sonic
IMO. it is sitting pretty @ a nice resistance level, and it it time for a nice rebound..
If it fails, the next big level support is 45 area.. where BULLs will put up hell of fight...
Sonic
Fundamentally, the Peso has been undervalued due to external pressures. I'm strong on the position that this should appreciate. Lower commodity imports in nominal terms (due to low commodity prices) is benefiting the trade balance. Philippines has a very resilient and consistent sources of Dollars from OFWs and the BPO sectors which they need to convert to Peso....
