USD 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!
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!
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At 0.786 fib of Elliot 1-5. If breaks target is 0.618 - above 270.1 to TP.