USDARS: Downtrend continuation in this pair
Updated
Against all odds, the USDARS pair is showing continued weakness and has fired a time at mode downtrend in the daily chart.
I'm seeing it dropping to retest the 13.5-12.95 range before any upside is viable.
I had reccomend to sell dollars at 15.25, after buying at 14.70, and to buy back today, but this drop warrants further downside, so either short it, or buy more dollars to average the entry lower.
If trading it electronically, go short at market or on a slight pullback with stops above 14.35.
Rgmov has fired a downtrend, confirming my bias, most people would expect the peso to see some easing considering the recent bond issuance ( zerohedge.com/news/2016-04-18/argentinas-first-bond-issuance-15-already-almost-3x-oversubscribed ), but there's still strength in it.
Good luck,
Ivan Labrie.
I'm seeing it dropping to retest the 13.5-12.95 range before any upside is viable.
I had reccomend to sell dollars at 15.25, after buying at 14.70, and to buy back today, but this drop warrants further downside, so either short it, or buy more dollars to average the entry lower.
If trading it electronically, go short at market or on a slight pullback with stops above 14.35.
Rgmov has fired a downtrend, confirming my bias, most people would expect the peso to see some easing considering the recent bond issuance ( zerohedge.com/news/2016-04-18/argentinas-first-bond-issuance-15-already-almost-3x-oversubscribed ), but there's still strength in it.
Good luck,
Ivan Labrie.
Note
If we don't break into the lows today we might start consolidating.Note
Strong rejection at the mode on retest. We might resume the downward push.Trade closed manually
I'm out of ars longs.Note
Bottom's in it seems.
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