USD/PHP

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
Chart PatternsTechnical IndicatorsTrend Analysis

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