ridethepig | KZT 2020 Macro Map A fresh and new instrument to the @ridethepig Tradingview portfolio. Tenge finding a strong bid with a lot of air below to the next target area. Tenge is definitely oversold and cheap compared to other valuations in EM FX space, the attractive carry is worth playing if you have Oil or RUB in the playbook.
A quick recap of the Oil Macro chart:
From a strictly technical perspective, KZT highs are now capped above 380 and downside pressure is acceptable. Target-wise ==> I am looking for a test in the lows of this range at 310 (a -18% swing!!). Remember macro trades do not trade for pips, these are for pipsqueaks.
As usual thanks for keeping your support coming with likes, comments, charts and etc!
