USDHUF Buy IdeaUSDHUF Buy Idea @Weekly Demand Zone (253.474 - 250.029)
Buy Limit: 253.402
Stop Loss: 249.648
Take Profit: 260.852
USDHUX trade ideas
USDHUF - Short Opportunity 1DUSD broke falling wedge on daily against HUF. It has completed 5 waves of the recent mid-term bullrun and is starting an ABC correcion potentially. RSI is showing bearish divergence on daily.
There is a short term 0.786 support of the overall Elliot 1-5 cycle at around 276.6 level - I am expecting this to break given the bearish confluences (falling wedge pattern and RSI divergence) and the target I am looking for as the A leg correction is the 0.618 level - just above 270.1. This is the upper level of a support zone between 267.3 - 270.1 (267.3 is the 0.382 of the previous mid-term bearish swing and 0.786 fib of the mega long-term bullish swing starting from 142 in 2008).
These are my personal views. Please trade carefully and with capital you can afford to lose! Comments are very welcomed!
USDHUF long, break above 61.8 fib level, EM market weakness playHUF is an emerging currency, with no positive carry value -> risk-off sentiment = sell HUF
The economy is export driven, weaker HUF does not hurt the government in the short run
Monetary policy divergence got stronger
Cons:
- NBH can decide to verbally intervene in the HUF market especially because of EURHUF rate
