USDPHP Forecast 55-57The US Dollar Philippine Peso (USDPHP) is forecasted to go up to 55 to 57 level for the completion of a Bearish Bat Harmonic Pattern.
PHPUSD trade ideas
Stronger Philippine Peso is expected over days aheadLooks like the Philipppine Peso will be stronger on the coming days over the US Dollar. Technically USDPHP is toppish. USDPHP already reached the upper trenline of the Uptrend Channel and also making a higher low. There is already a divergence between the price and Relative Strenght Index.
Support levels are at 51.46, 51.12 and 50.78. Resistance is seen at 52.
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.
Been seeing this pattern even before I even traced it.Now that it's been confirmed we will now see this exchange on a bearish move
(USD/PHP) Uptrend Channel - March 10, 2018Chart Analysis 6 - US Dollar Philippine Peso (USD/PHP) Uptrend Channel - March 10, 2018
USD/PHP Price Forecast at 55.71 Level.
USDPHP faced with resistance at the upper trend line of the Uptrend Channel, so the price is consolidating. Nevertheless, the pair is likely going to continue moving up towards the next resistance at 53.96 and 55.71-(Potential Reversal Zone of a Bearish Bat Harmonic). There might be a possible pullback at 51.
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.
USD/PHP LAST LEG UP, TAKE PROFITS ON DOLLAR LONGSMy sense is that the USD/PHP is on its last leg up. My sense is that this last run will double top soon and create a rally for the peso back to 47.00 area in 2018. Take profits on USD/PHP.
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
Chaotic Range, crossing MATrading in an undefined chaotic range. Upward bias. About to cross MA but not quite there yet.
Philippine Peso Remains Weak Against US DollarPhilippine Peso Remains Weak Against US Dollar. If USD/PHP breaks 48.35, the bulls might push this up to 49 for the completion of a Bearish Bat Harmonic Pattern.
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#USDPHP-Update: Bulls Active, Rally Expected To Highs!The pair has moved well since last post (See related ideas) pair is breaking to upside expecting further move off of this into the highs
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#USDPHP: Bulls Active, Rally Expected To Highs!The pair gave a bullish impulse leg, and a clear corrective move into the lows, hitting 0.5 fibonacci retracement, and creating a rounded bottom structure, offering bull continuation to the highs in the form of a 3 wave cyclic move. Expecting a crisp clear rally to the highs from here.
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