TomProTrader
Short

USDCNH: Shorts For Near Future, As Technicals Show Importance

FX:USDCNH   U.S. Dollar/Chinese Yuan
205 2 8
Friends

Near future perspective is short, but to work out the future for this stock future price is a lot harder due to

1: The very strong price move due to Yauns devaluation (Biggest in years) created a shock reaction move, it will take a long time to find stability again.
2. Technicals are being taken seriously by traders in this pair now, due to fundamentals having already said their peace. It's now psychology which determines the pairs stable mean price.
3. Technicals are the only determinable way to see if levels after this big move are holding, and seeing if the pairs "hype " will continue, there is absolutely no other way to see this confirmation, than using technical analysis .

We have a nice three drivers in play, with the final leg down to go into extension target to complete, watch out for this revelation, as profit taking may happen quickly at the completion of the three drivers because lots of people could panic profit take as they are bulls will enter the market here. (as harmonic traders may start taking cheap shorts & longing very quickly at this level.)

I think we will see a move down to one of the targets, creating a new lower low. And then, to be honest, I have no clue.
I will update this pair a lot over time, as it's a nice one to pick pips up from, (Now that it contains volatility ) compared to before this big up move, it was rangebound and crap.

Best of luck.
Tom
Agreed, as usual mate.
Check out my usdcnh/inverse audusd forecast:

+1 Reply
TomProTrader IvanLabrie
Nice work. Only just saw this.

Tom
+1 Reply
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