USD/CNY trend reversal in the making?

FX_IDC:USDCNY   U.S. Dollar / Chinese Yuan
With China’s Economic slowdown, and stronger U.S. Dollar, another potential long-term trend reversal may be on its way. But enough with the fundamentals. I prefer to stick to the charts and price action.

So what are the reasons for this trend reversal assumption u might ask?
The first thing that I look at on a chart is the 200 MA, which recently, the price broke out of it and spiked to the upside on China’s weak fundamentals. The interesting part is that it didn’t retraced back down. However, price could certainly come back down to test the 6.27 support. Also, price made a series of higher lows since its bottom. Nevertheless, we need a clear break and close above the 6.4 level to start going long on this pair, which of course, it automatically confirms a trend reversal.
1st Target: 6.6
2nd Target: 6.8
3rd Target: 7.0

The only downside of this pair is that it’s very thinly traded (low volume ). This trade could easily take a year or more to profit from it. This is the ideal representation of a “Long Term Trade”. So if patience is not one of your virtues, I don’t recommend it to you.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out