USDCRC pair is set for a recovery
After testing the bottom of the wedge around 562.5 colones it makes total sense that it will get started in its recovery.
One year ago around August 20th the level was about the same, this has been a common pattern to end the year. The reason behind this has to do with a increase in purchases and more money flooding the economy as the year ends. Many company owners that pay in USD need to get more USD in order to pay their employees. The government also makes the loan payments from international lenders and that also pushes the price up. The fiscal year ends in September and that is also part of why there is more money in the government hands and so the pressure to buy USD is higher. I do not really think the price will go any where lower than this and so its the perfect time to get myself some cheap
USD to make some payments for the end of the year.
One year ago around August 20th the level was about the same, this has been a common pattern to end the year. The reason behind this has to do with a increase in purchases and more money flooding the economy as the year ends. Many company owners that pay in USD need to get more USD in order to pay their employees. The government also makes the loan payments from international lenders and that also pushes the price up. The fiscal year ends in September and that is also part of why there is more money in the government hands and so the pressure to buy USD is higher. I do not really think the price will go any where lower than this and so its the perfect time to get myself some cheap
USD to make some payments for the end of the year.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.