USD-LKRIts coming dowwwnnnn. Faster than we thought. Lets hope 280-285 fib zone will hold. But gut says 260 is highly likely.
Lets go
USDLKR
USDLKR
As a follow up to previous. Seems like trendline support finally lost it. (312)
next initial support will be at 285. Subsequently 265-260 golden pocket levels.
Do not ignore the bullish divergence being made at weekly and daily time formats.
There will be a good trading oppertunity.
USDPKR about to hyperinflate? Pakistan will default?USDPKR is closely following USDLKR before the Sri Lankan Rupee hyperinflated in April 2022.
Below USDLKR can be seen creating a pattern in 2020 and 2021 very similar to what FX_IDC:USDPKR has been doing in the last year.
Here is what happened after Sri Lanka defaulted, and FX_IDC:USDLKR went from 200 to 360 in a matter of days
Given the above fractals, is it possible that Pakistan can defailt soon? If it does and it follows through on the pattern, USDPKR can jump from from the 280s to the high 400s very quickly.
USDLKR - weeklyUSDLKR chart shows more down trend possibility if 312 trendline support losses.
MACD opens up further
should find support roughly around 285 it it breaks.!
**Do not this is not a investment advise, LKR-USD rate can vary due to multiple geopolitical reasons overnight**
WHAT'S THE NEXT LEVEL WE WILL SEE ON LKR ( LANKAN RUPEES )?Check out the trade plan for USDLKR today based on the technical analysis. Hope this analysis is useful, make sure to hit the thumbs and also follow my tradingview profile for future updates. Thank you!
We have seen an 83% of boost in the USD/LKR Pair since March 2022. Here I have attached the chart and update for reference👇🏻
Sri Lanka pegged in both directions in March amid ‘float’
ECONOMYNEXT – Sri Lanka’s central bank bought 196 million US dollars in March from commercial banks and sold 207 million dollars in a pegged exchange rate, despite an attempt made to shift to a floating regime, official data shows.
The weekly timeframe is holding a distribution zone on the top after the massive breakthrough in March. Price is under control inside the distribution zone. We are required to confirm the direction with a clean breakout confirmation on price action.
Check the chart below 👇🏻
By any chance, if the price confirms a bullish breakout on the distribution, then we have a greater chance of seeing these targeted price levels on the USD/LKR pair. There is no specific timeframe to achieve these targets and we have to wait for confirmation.
Check the chart below 👇🏻
On a bearish breakout, we will see a correction close to 50% on the bullish trend formed.
Check the chart below 👇🏻
EM ready to take backSri Lankan Rupee for example, building a monthly reversal pattern there. Four days to the close..
Long way down for USD..
