Ahead of U.S. Fed tightening, Where is EM Local Bonds Going?

Below charts are about the representative ETF for emerging countries' local bonds.
As you know, EM local bonds have recorded negative return mainly due to tumbled FX rate.
And we are ahead of U.S. Fed tightening which have been a main fear of EM.

Where is EM local bonds going from now?
Ironically, MACD divergence indicates possible turnaround in both of daily and weekly candle charts...

Is this timing to invest EM local bonds?