PHP
S&P500 Futures vs. JPY & also KRW, CNH, PHP, THB since Feb 16S&P500 Futures - E-mini vs. Japanese JPY & also Korean KRW , China yuan CNH, Philippine PHP , Thai THB since Feb 16, 2021.
Select Asian Currencies vs Inverse DXY, recent trends & past 10yThe inverse of the US Dollar Index DXY versus select Asian currencies of Japanese yen JPY, Korean won KRW, Singapore dollar SGD, Malaysian ringgit MYR, Thai baht THB, Philippine peso PHP - note recent trends against trends over the last decade.
USDPHP Trading planPattern: 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).
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
I really like PHB here, I would buy nowOur indicators are very supportive of reversal here, PHB reached an all time low with the last dive,
Bullish divergence on the RSI has appeared, and MACD is out of steam, the bearish momentum is over.
I marked the trend lines i found to locate a resistance, you can exit around the red area i marked for easy 35%, but i also support a long term holding from here.
PHP downtrend continuation. Great R:R.The Peso continues to decline this month. Since the 10% crash from January to February, the long term trend is in a downwards channel. However I believe that it will once again break below the channel and continue to fall. (Click and drag on the price axis to move the chart).
Looking at more short term profits:
A Head and Shoulders pattern is forming on the daily chat. This is normally a reversal pattern and not a continuation, however I believe that a 50% retracement of the "head" will still act as resistance, as it has in previous red daily candles. See the black horizontal minor resistance level from the past month as this also lines up.
Normally the target of this H&S would be a 1:1 extension of the head to the neckline, however because it will be breaking this important channel, there is no resistance there to hold it so expect a drop fast. Possible resistance level is the black line on the chart.
The RSI is not near the oversold level, so still has further to fall.
Downsides:
-There have not been any noticeable H&S formations on this pairing in the past.
-H&S normally signifies a reversal rather than continuation.
-The resistance in the channel may be enough to push it back up as this "H&S" is not yet so big. If this fails then look for a short opportunity after a larger structure.
Good luck trading.
UPDATE ON USDPHPNot much of an update, rather a look through more. And for the W pattern it is still in play
UPDATE(IN DEPTH VIEW) ON USDPHP:As I said lately, this will continue going down till it reach the support line. In fact I won't be surprised if this support get pierced and goes in a bit of a sideways then down again, 'cause the Philippine economy is at its prime in this generation, and local media even see risk that this economy would overheat.
Philippine Economy (Pilipinas)The higher the value of USD to PHP means that the economy of the Philippines is going down.
People tend to think that if the exchange rate is higher, the better the economy of the country.
Noooooo.
PHP Historical Price & A Greater Probability of further WeaknessThe worst performing value for the PHP was recorded on April 18-19, 2004 Asian Session. And marked a high @57.50/72 which later pulled back to close 55.75. And marked as the worst devaluation of the PHP against the USD. Which began drifting thereafter. The pivotal price recovery started @40.15 dated Jan 20, 2008 with a 2nd higher low 42.45 in Nov 11.08, 2010 and repeated in March 11, 2013 which started the full run to the USDPHP recovery as of today Oct 27, 2016 @48.55 to this writing.
When such chart and price patterns are defined there is a higher probability that a the consolidated period which broke out of its trend line resistance from its highest price level @57.50/72 can re-test another run towards the 52.38 rate level after breaching its average price of 47.25. The recent week's low @47.92 shows the resiliency of the USD strength and PHP weakness. As prices have to continued back above the 48.50 levels.
Which means Long on the USD and Short on the PHP as weakness in value prevails in the near-to medium term outlook
