An projection of USDKES based on EW and trend. Current down move is fading and that could mark the end of the correction at 138.33 with a possible decline to 123 before the continuation of the uptrend. Targets as follows: T1:163 T2: 191.6 T3:122.0
No room for bears on USDKES as the US Dollar continues to appreciate against emerging economies, with Kenya being no exception.
Trading within an ascending channel, buyers may lose steam around 1.1030. Short side targets 1.0860 which is the lower end of the ascending channel.
Expecting a bounce to higher supply zone in a bearish market
The Trend on Daily and Weekly TF is bearish, however, price is at a weekly demand zone and could result in a bounce before bears resume. The rally could also be driven by profit taking. This is a counter trend set up.
Leading diagonal completed. Expecting a sharp correction. Wave A seems completed so far. B looks to be topping in place with a 2618 bearish set up on daily chart. This Calls for further bearishness on this pair to longer term target at 1.4950.