WHAT'S THE NEXT LEVEL WE WILL SEE ON LKR ( LANKAN RUPEES )?Check out the trade plan for USDLKR today based on the technical analysis. Hope this analysis is useful, make sure to hit the thumbs and also follow my tradingview profile for future updates. Thank you!
We have seen an 83% of boost in the USD/LKR Pair since March 2022. Here I have attached the chart and update for reference👇🏻
Sri Lanka pegged in both directions in March amid ‘float’
ECONOMYNEXT – Sri Lanka’s central bank bought 196 million US dollars in March from commercial banks and sold 207 million dollars in a pegged exchange rate, despite an attempt made to shift to a floating regime, official data shows.
The weekly timeframe is holding a distribution zone on the top after the massive breakthrough in March. Price is under control inside the distribution zone. We are required to confirm the direction with a clean breakout confirmation on price action.
Check the chart below 👇🏻
By any chance, if the price confirms a bullish breakout on the distribution, then we have a greater chance of seeing these targeted price levels on the USD/LKR pair. There is no specific timeframe to achieve these targets and we have to wait for confirmation.
Check the chart below 👇🏻
On a bearish breakout, we will see a correction close to 50% on the bullish trend formed.
Check the chart below 👇🏻
