The USDCNY pair gave us an excellent sell opportunity on October 02 2023 (see chart below), as it stayed below Resistance 1 and hit our 7.1225 Target:
The price has since started to rise after hitting the bottom (Higher Lows trend-line) of the long-term Rising Wedge, and now sits above the 1D MA200 (orange trend-line), past a 1D MA50/100 Bullish Cross.
We expect a slow and steady extension of this rise, targeting 7.3500 (Resistance 2).
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