USDHUF trade ideas
Breakout strategyHi folks!
After forming a Head and Shoulder pattern, it failed to break down the 319.6 zones, it could break only on May 25. Afterward, a downtrend started. As you can see from the chart, we are still in a down-trend which started on May 15. But taking the indicators into account, we might see a trend reversal (mid-term).
We have to watch carefully if it breaks the trend-line or it will keep going in the direction of the 292 territories.
Monday will tell us.
I hope you can make good trades out of it.
The USD/HUF will break out from a major resistance lineThe pair will break out from a major resistance line, sending the pair higher towards another major resistance line. The United States had its lowest jobless claims since the coronavirus outbreak. Unemployment in the country for the previous week climbed by only 1.5K compared to the first week of March at 3.3K and the first week of April at 6.6K. Aside from that, crude oil inventories were stabilizing at 5.7 million barrels per day (bpd). As the US shows signs of economic recovery, the European Union is struggling with its post-coronavirus world. The largest trading bloc is divided when it comes to a unified plan on the budget that must be spent as economic aid. Imports and exports between member states were still at rock bottom. Hungary’s trade balance hit its lowest level in more than 15 years. The European Commission already proposed lifting external borders of its members on July 01 to restart the largest trading bloc’s economy.
USDHUF BULLISH BLACK SWANBullish Black Swan, historical price support on D1, divergence on RSI. Price can reach 61.8% fibo
USDHUF JUNE 1-5FOLLOWING LAST WEEKS DOWNTREND
WAITING FOR RECTANGLE TO BREAK OUT OF CONSOLIDATION
4 HR FULL BEARISH CLOSURE BELOW 310.887 CONSOLIDATION, ENTER SHORT
USDHUF head and shoulders#USDHEF $USDHEF head and shoulders looks to be in play, I expect a decent bounce at the .618 making a good entry for a short
UPDATE!! USD/HUF carry on his down trend 🦐The market after a false breakout tested twice the resistance structure in blue before moving down.
Now has just created another interesting zone (yellow area) and if the market will manage to break and close a 4h candle below that structure at the resets we can look for a short position according to Plankton signals.
Bear in mind that we are at the end of the week and also at the end of the monthly candle so we can expect some weird move in the market.
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Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
The Hungarian forint gets strongerThanks to the recent decision of the National Bank of Hungary to leave its rates unchanged, the Hungarian forint gets stronger. The currency is looking to redeem itself against the beloved US dollar, and the renewed risk-on appetite in the global market is also helping it with that. The US dollar to Hungarian forint exchange rate should reach its support by the first half of June. Bearish investors of the pair are looking to force the 50-day moving average lower and get closer to the 200-day moving average. Earlier this week, the Hungarian central bank opted to leave its rates unmoved for this month and wait for the initial effects of the previous rate cuts. The move came after the bond purchases of the central bank started earlier this month which helped push down the debt yields causing the forint to stabilize and strength. The decision is also in line with the expectations of the majority of analysts and economists from Hungary.
UPDATE!!! USDHUF Broke Recent support 🦐UPDATE!!! USDHUF Broke Recent support, and now the price wants to test it again. According to plancton's strategy we can set a nice short.
Don't miss our signals!
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Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
USDHUF lost a support 🦐USDHUF lost a huge support and now the price is retesting it.
According with Plancton's strategy we can set a nice short order.
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Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
USDHUF two possible scenaioswe are waiting for a momentum candle close below our lower blue trendline to sell this one long-term.
meanwhile, our blue trendline acts as support, so we will be looking for objective buy setups on lower timeframes.
USDHUF FOR LONGI would prefer this pair come down to the weekly 618 to grab some liquidity to give good RR. However it seems like it is going to complete the W pattern. Let me know what your thoughts are in the comment section.
USD/HUF Long Trade - Entry 332.446Stop Loss = 324.145 / Take Profit = 357.353 > Coupled with a 1% risk with 3% reward.
Once the trade reaches a 2:1 point move SL in front of opening at a 1:1 point to mitigate risk.
Keep Chasing that Paper!!!
USD/HUFNot too long ago the president of Hungary became a dictator. Here's what I think will happen. I know it's a bit of an uncommon pair, but this is my short-term view.
