No change of character yet so buying dollar is profitable for now. Also try visiting tha banks if your into spot currencies. While the rest of the world, dollar is increasing, in Philippines so far we are doing well.
📈 #USDPHP showing a double top pattern, but don't count it out! 🚀 Bullish bias persists, based on personal view and indicators I use. 📊📈💹 #Forex #Trading #BullishBias #Freelancer
USDPHP is currently in a consolidation phase after a run, and retesting its previous resistance, 56.41. If the USD will remain strong against PHP, we can see it will trade up to 57.51 - 57.99 up to 60. Factors affecting weakening of PHP: Debt www.cnnphilippines.com Rampant corruptions business.inquirer.net
There is a weekly opening gap to the south, and a pin bar allowed prices to go lower in favor of Us ally Philippines and Her peso.
Slow but sure. Its nearing the mid of the fvg of the judas swing.
#USDPHP (UsDollar Vs Philippine Peso) chart is in good demand Area Entry:55.41 SL:55.06 TP:58.87 RR= 1:10 Support Me & Share Please if You like Post
All info priced in on price. Here we see price tap the upper trend line in a down phase. And we see 2 cycles confirm our trend. How will price behave next week?
Ceiling 55.08 Floor 53.65 Price did test the ceiling last week but was rejected. Let us see how price will behave next week.
All information priced in. 2 cycles of higher highs lower highs and buyers bar yesterday. Plan your trade; do not short.
This doesnt mean the php is weak, only that the dollar is strong. Change in monitary policy is ahead for the us because of yesterday's negative cpi data and their fight to target 2% inflation rate. Expect dollar to appreciate not in favor of peso. But for our expats who work outside the ph, this is good news; for the value of their work is rewarded more. Hence...
All is priced in and the trendline is not yet broken. So, we're still in the short so far. unless the trendline is broken and a new higher high lower high appears; we'll be ok to continue the short. just care because the current price is on the buy and more on the short term longs
Price could go down a bit based on the charts but we must adapt. Usd is strong.
Floor is far down there. Good tidings for the peso. Opportunity to buy more usd.
Price is being rejected via the ceiling and should proceed and ease towards the floor. As Philippines continues its economic growth, it is as expected. You may short, but note the floor price. You may set tp before it.
There is no floor exept the 2019 year and that is pre covid times.
4h Cealing is near. Will it bounce or breach? Fundamentals show that Philippines is growing steadily. We may have a bounce and go short.
Philippine economy is growing. And the technicals reflect it.
Why? Lower highs and lower lows and ended up as seller phase this week. It may be a short opportunity next week too.