The hryvnia (UAH) continues to trade sideways while in consolidation in the "no trade zone." Recently, the currency strengthened against the dollar (USD) and initially it looked like an opportunity to go long on the USD. However, the weekly EMA50 (which historically has provided support for the USD) turned into resistance, broke the 3 year trendline, and now we...
Ukraine's Hryvnia looks poised for a reversal to the downside on the weekly and lower timeframes against the dollar. There could be a 5-8% trade in here.
1) RSI is currently indicating a trend change.
2) Price action is currently indicating a trend change
3) Volume profile is quite high which could indicate traders are soaking up USD by trading in their UAH as...
The price have strong resistance at ±28.5 ,every time when the price reach this target it goes down immediately.
We see clear hidden divergence with MACD indicator. USD/UAH going down to 26 at least. Stoploss you can put at 29 usd/uah. In case of rise higher 2 9 (with massive volume only) and close weekly candle above this price, I will update trade idea.
Good Luck
Ukrainian hryvnia demonstrated big gains against USD from late January to mid march.
Surge was very fast. the fastest since UAHUSD recovered from biggest fall in early 2015.
So I appreciate it as an active wave.
I expect UAHUSD to resume its uptrend after this correction is completed.
Taking into account the fact that the world economy will suffer in a few years I expect some kind of this movement to appear on USD/UAH . There are a lot of variants since Elliott's Wave Theory is just a theory , but this one is my main one.
Due to the potential explosive situation in Syria, Russia might come back to haunt the Ukranians and take more territory.
On the technical side of things we see a possible rejection of the Bearish MACD crossover on the Daily chart.
To be watched, this might surge.
After dollar collapse and major run to strong positions of Ukrainian currency, as i think elliot waves could be applied. In the near future price should retrace a little and stay stable till the next major period, which is starting from September. Although international money loan can disturb a situation for a while, we ll see.
Im not responsible for your choices...
Over the three years the summer orders always bringing back the price to some reasonable levels. Winter season with New Year and depending on help from Union always bring crashes, i believe the price might see some struggle again, but overall, even with the paying big loan back by country, currency still have a sign of holding on.
