My Technical Analysis
USD/PHP
Based on my technical analysis and as caused by the ongoing COVID-19 pandemic, I can see that the value of PHP (Philippine Peso) can possibly drop from 47 to 45
Reason:
1) June & July closed below Exponential Moving Average 20 & 50
2) Elliott Wave (4) is a corrective wave. it played out perfectly in Fibonacci retracement
3)Stochastic RSI shows a big drop at 1.0 & MACD is now below -0.1.
Conclusion:
Drop at PHP 47.00 to 45.00
Long Term: Let's get back to PHP 56.00
SHORT THE MARKET
NOT FINANCIAL ADVICE
USD/PHP
Based on my technical analysis and as caused by the ongoing COVID-19 pandemic, I can see that the value of PHP (Philippine Peso) can possibly drop from 47 to 45
Reason:
1) June & July closed below Exponential Moving Average 20 & 50
2) Elliott Wave (4) is a corrective wave. it played out perfectly in Fibonacci retracement
3)Stochastic RSI shows a big drop at 1.0 & MACD is now below -0.1.
Conclusion:
Drop at PHP 47.00 to 45.00
Long Term: Let's get back to PHP 56.00
SHORT THE MARKET
NOT FINANCIAL ADVICE