USD/PHP (PHP=X) Taking Profits, Waiting for Re-Entry

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 51.98.

The projected upper bound is: 52.78.

The projected lower bound is: 51.90.

The projected closing price is: 52.34.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 14.3458. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 15 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.80. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 75 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -85. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX PHP= closed down -0.011 at 52.340. Volume was 100% below average (consolidating) and Bollinger Bands were 29% narrower than normal.

Open High Low Close Volume___
52.349 52.349 52.340 52.340 2

Technical Outlook
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 52.51 52.15 51.38
Volatility: 3 5 6
Volume: 3,744 3,545 3,753

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX PHP= is currently 1.9% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of PHP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on PHP= and have had this outlook for the last 17 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

 

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