As DXY starts to weaken and stock markets continue to recover, We also note that even the PHP is starting to gain strength against the dollar. Trend is now shifting towards strengthening peso.
Good day,
Currently on track to reach 60 for now as trend indicators continue to keep the pair above 58. Also noting that US Feds ain't done yet on rate hikes, expect this to further put a dent on PHP demand.
Corn continues to trade along the lower end of the trend channel. Both daily and weeklies are still on the uptrend but watch carefully as some of the momentum indicators continue to flatten.
On the fundamental side, erratic weather patterns in South America and continuous large demand from the Chinese continue the bullish case for the corn and the grains...
The recent pullback from 15.50 resistance did shake out some players but the fundamental story remains the same (Lower production on the softs though a risk of Indian Exports continues to hound the market. Actually, buying near the lower end of the channel for the past couple of days with a wide stop and proper sizing would enable a trader to catch and on to it as...
PHP continues to strengthen as weak demand for dollars in the country, lackluster import demand and continuing weakness in USD continues.
>Downtrend Line continues to be respected
>Trend Indicators remain weak
>Next Support level seen at 47.90 - 48.00 levels
