USD/KZTUSD might test level of 439 in coming days, followed by retest and further continuation upside topping in the range of 460-470 KZT per USD closer to June 2022
Tenge
USDKZT to hit between 474 and 485This oil-related pair is going to complete the wave 4 down reaching minimum area of retracement at 38.2% Fibonacci of wave 3 at 430.
The next support is at 50% at 420.
I see the USDRUB should reverse soon so this pair then is going to follow.
The target for wave 5 is located within 474-485 range.
ridethepig | KZT 2020 Macro Map A fresh and new instrument to the @ridethepig Tradingview portfolio. Tenge finding a strong bid with a lot of air below to the next target area. Tenge is definitely oversold and cheap compared to other valuations in EM FX space, the attractive carry is worth playing if you have Oil or RUB in the playbook.
A quick recap of the Oil Macro chart:
From a strictly technical perspective, KZT highs are now capped above 380 and downside pressure is acceptable. Target-wise ==> I am looking for a test in the lows of this range at 310 (a -18% swing!!). Remember macro trades do not trade for pips, these are for pipsqueaks.
As usual thanks for keeping your support coming with likes, comments, charts and etc!
Kazakh tenge - UPTREND!Hello Kazakhstan!
Be ready for 450 - 500 tenge vs one dollar.
Suppose to see strong uptrend!
Best regards, team traders "Powerful Traders".
