USD/PHP may fall to 55.779 - 56.169

Our pivot point is at 57.818.

Our preference

The downside prevails as long as 57.818 is resistance.

Alternative scenario

The upside breakout of 57.818, would call for 58.478 and 58.871.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 58.055 and 58.397). Finally, the USD/PHP is trading below its lower Bollinger band (standing at 57.033).

Supports and resistances

58.871 **

58.478 *

57.818 **

57.559

56.950 last

56.169

55.779 **

55.389 *

54.998 **

Number of asterisks represents the strength of support and resistance levels.