Further USD strengthening versus EM currencies?

A textbook Head and Shoulders pattern with volume confirmation in Emerging markets local debt fund (ELD) suggests significant further strength for USD versus EM currencies (especially NE Asian currencies) and possibly further weakness for EM markets like EWM(Malaysia), EWS(Singapore), IDX(Indonesia)

3 Bullish Emerging Markets

Egypt (EGPT) is in a clear uptrend.Recently EGPT broke up from a trading range and is now moving towards 80

Peru (EPU) after forming a diamond reversal is now in a falling (bullish) flag

India (INDY) is in a trading range after rallying significantly during 2014.Bulls need to see breaking up above 31.Bears will have a chance if INDY breaks below 28.

Is Russia a great bargain now or it will be later on ?

Russia (RSX) has broken down from a long term support(around 24-24,5) and know is touching again this line from below(know acts as a resistance).For the time being we lean bearish towards RSX. We will revert to bullish if it penetrates the resistance at 24-24,5 and manages to stay above 26$

If it cannot manage to penetrate  this line then it should go towards 13-14$

Emergening Markets Latin America

Colombia (GXG) It is moving sideways.Until it breaks the red line we are leaning bearish.

Brazil (EWZ) is in a downtrend.Probably in a falling wedge

Chile (ECH) hit the target of the triangle (2011-2013) at 40$ where it probably made a short term bottom. If it manages to stay above EMA 21(weekly) next targets are 49$ and then 53$.

Peru (EPU) is in a triangle formation or in a diamond(both patterns can be continuation or reversal patterns). Around 31$ there is a long term support from 2010.

Mexico (EWW) is in a triangle formation.

Overall nothing is clear yet about Latin America.

Tigers: Flight or Fight

SOUTH-EAST ASIA

There is a mixed picture for SE Asia.
Vietnam and Malaysia in an uptrend
Thailand and Indonesia in a downtrend

Vietnam(VNM) probably is forming a triangle and it is now in a medium term top.

Malaysia (EWM) another triangle is forming.We are leaning towards a downward resolution of this formation

Thailand (THD) is probably entering in a sideways formation between 65-82$

Indonesia (IDX) is also in an sideways formation between 20-27$