The correction we have been tracking for weeks...
=> Here it becomes perfectly acceptable to use CNH as a barometer across the EM currencies... the correction we are eyeballing across the EM spectrum is largely being dictated via China and tariffs.
=> Linkages between our most recent ideas from USDARS, USDTRY, USDINR and USDRUB cover the broader EM moves as the case for a bearish correction becomes strong. As most of the retail traders who saw the EM collapse late begin loading the boat we see this as a smart opportunity to begin profit taking across the board which naturally opens up opportunity for those on the sell-side in the very very short term.
=> From a technical perspective you can see the gradient of the slope is starting to slow as we are losing momentum here and a test of 6.7817 is very likely. A close below here will give us the opportunity to start looking for fib targets.
=> For those who have been following our ideas from the start you will know this is something we have been tracking for some weeks as we believe the recent leg in EM is over for now...
=> Good luck
=> Linkages between our most recent ideas from USDARS, USDTRY, USDINR and USDRUB cover the broader EM moves as the case for a bearish correction becomes strong. As most of the retail traders who saw the EM collapse late begin loading the boat we see this as a smart opportunity to begin profit taking across the board which naturally opens up opportunity for those on the sell-side in the very very short term.
=> From a technical perspective you can see the gradient of the slope is starting to slow as we are losing momentum here and a test of 6.7817 is very likely. A close below here will give us the opportunity to start looking for fib targets.
=> For those who have been following our ideas from the start you will know this is something we have been tracking for some weeks as we believe the recent leg in EM is over for now...
=> Good luck
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.