Inverted Head & Shoulders pattern.
signalling start of reversal for this pair.
Driving force for this trade will be the fundamentals and relying heavily on the dxy to make some sort of bounce back.
Currently waiting on the neckline breaking.
Swing trade TP 340
Correction wave structure. On the USDHUF pair, I would like to show how the structure of the correction wave develops. If we look at the figure, it can be seen that the size of the descending wave structure indicated by the red line is the same. At the end of each descending wave structure, there is a correction wave marked "A". We also see that the correction...
The exchange rate builds on another falling fractal. According to my analysis, the wave structure in the yellow square can begin. In the event that my idea is correct, the target price decrease may be around 267huf.
The target price is 300 HUF. The movement of the exchange rate is in front of another wave of rising waves. Its size may be equal to the size of the accumulation band. The second rising wave structure.
The exchange rate builds on the second rising wave. I expect this wave structure to match the size of the previous fractal wave structure. In the event that the analysis is in place, the target target price is HUF 296.5
I expect the exchange rate to decline in the medium term. The decline may last up to 260HUF against the US dollar. This is a drop of almost 7.3% from the current level. Why is it so big? I assume that the strengthening of the Hungarian forint and the weakening of the US dollar will be present at the same time, as a result of these two movements, a larger decline...
The exchange builds on the preparation of a second fractal track. Probably after a downward movement, which can reach the 277 huf level, it can move to another double-wave ascending path. The target for dual wave structure is 288 Huf.
The exchange rate rises. It is currently facing the two most significant fractal points in the past. At the same time, this shaft acts as a resistance shaft. In the event of this breakthrough, a significant gap is expected to weaken the Hungarian forint. As long as the EURHUF has a double wave movement, USDHUF is more likely to expect a stronger wave structure....
USDHUF Long ... There are three types of wave structure in the exchange rate. The final wave structure target price is 293.68 HUF. Then I expect a smaller ABC correction, up to the rising ATR axes (purple line). Then if events in Turkey continue to muddle the mood of investors, then a bigger jump from this axis can begin.
USDHUF started corrective action. Two fractal movements can be identified in the exchange rate. In the second fractal I have a growth of 1.68 ATR. From this, the second fractal target is 264.93 HUF. From this level, the rise can continue.
The USDHUF is for correction. The magnitude of the correction wave may be the last part of the previous mainstream wave. If this wave structure develops, the primary wave of the upward wave may be HUF 272. But before you get up, you can go back to around 258.