USD/PHP Forecast Today - 04/09: USD/PHP Volatility (Chart)
(MENAFN- Daily Forex) The US dollar initially tried to rally, we have since seen this asset pull back a bit, but that makes a certain amount of sense considering that we are essentially \u0026ldquo;swimming upstream.\u0026rdquo;As this is the case, even if we are in the midst of some type of trend change, it\u0026rsquo;s not necessarily going to be a straight shot to the upside all, the Philippines has seen extraordinary growth over the last year, well over 6%, while the United States is getting ready to see interest rate cuts coming out of the federal Reserve. That being said, there are a lot of concerns about the global markets and the global economies, and that can have a major influence on some of these emerging markets as well. This is one of the situations where the Philippines may be outperforming now, but down the road it\u0026rsquo;s very likely that we will see people running toward the US dollar due to the fact that the Treasury market will suddenly become a place where people throw money again. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Technical AnalysisIt\u0026rsquo;s worth noting that the daily candlestick is looking a lot like a shooting star, and of course we had not been able to reach the 57 PHP level. Just above that 57 level, we have the 200-Day EMA, and the 50-Day EMA racing toward the 200-Day EMA, trying to cross inform the so-called \u0026ldquo;death cross.\u0026rdquo; That is an indicator that is typically late, so don\u0026rsquo;t read too much into it but I recognize that there is a lot of noise above being said, the massive candlestick that we saw during the trading session on Monday does suggest that perhaps there is a certain amount of concern out there, and it\u0026rsquo;s likely that we could continue to go higher. It\u0026rsquo;s also worth noting that the Relative Strength Index has crossed into the normal range again, which had been in a major oversold condition. In other words, we may be in the middle of a bottoming pattern, but it\u0026rsquo;s a little early to call that.
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