Watch for Breakout on USD/CNY, U.S. Dollar vs. Chinese Yuan
Recently,
USDCNY
has been making bullish moves. First, the 65-period EMA crossing over the 200-period EMA: a golden cross. Price action began to consolidate in a fixed range, before making a false-breakout, quickly correcting itself. With increasing trade tensions between the U.S., China, and Mexico, another breakout from this supported range will be highly indicative of medium-term price movements.
USDCNY
has been making bullish moves. First, the 65-period EMA crossing over the 200-period EMA: a golden cross. Price action began to consolidate in a fixed range, before making a false-breakout, quickly correcting itself. With increasing trade tensions between the U.S., China, and Mexico, another breakout from this supported range will be highly indicative of medium-term price movements.
Trade closed: target reached