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USD/CZK Technical Analysis - USD/CZK Trading: 2023-05-17
USD/CZK Technical Analysis Summary
Above 21.8
Buy Stop
Below 20.9
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Buy |
USD/CZK Chart Analysis
USD/CZK Technical Analysis
On the daily timeframe, USDCZK: D1 has broken above the resistance line of a long-term descending trend and exited the triangle. Several technical analysis indicators have formed signals for further upside movement. We do not exclude a bullish move if USDCZK: D1 rises above its last peak at 21.8. This level can be used as an entry point. The initial risk limitation is possible below the Parabolic signal, the last three lower fractals, the June 2021 minimum, and the lower Bollinger Band line, at 20.9. After opening a pending order, the stop should be adjusted along with the signals from Bollinger Bands and Parabolic to the next fractal minimum. This way, we change the potential profit/loss ratio in our favor. The most cautious traders can switch to the four-hour chart after executing the trade and set a trailing stop-loss, moving it in the direction of the movement. If the price surpasses the stop level (20.9) without activating the order (21.8), it is recommended to remove the order as there are internal changes occurring in the market that were not accounted for.
Fundamental Analysis of Forex - USD/CZK
The Czech economy is showing signs of a slowdown. Will USDCZK quotes continue to grow?
In April of this year, the Czech Republic Budget Balance turned out to be negative and amounted to a record -200 billion CZK. Budget expenditures grew by 26.7% y/y, while revenues grew by only 11.4% y/y. Czech GDP in the 1st quarter of 2023 fell by -0.2% y / y. From June 2022, Czech National Bank keeps the rate at 7%. At the same time, inflation in April amounted to 12.7% y/y. Since March 2022, it has been consistently above 10% per annum. Theoretically, all this could be negative for the Czech crown.
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