USDCNH in in the downtrend
But will go UP to retest the resistance of the falling channel
The pair is oversold and a correction is required!
Buy!
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Yes, about to enter Subwave 4, retrace to some estimates I indicated. Then finish off the main Wave 5 of impulse. Then she'll retrace again, most likely to .618 or even lower. No guarantees folks, even with Elliott, which the closest thing to a guarantee in market forecasts. NFA
Price development of USDCNH is likely to set the tone for US Dollar for the entire market. As this is a sort of "Hidden dollar index" as its correlated with EURUSD .
Right now we saw dollar bounce back as we hit yearly low. Most likely it was a fakeout - piercing through the 2019 low.
If this week closes with a pinbar dollar most likely bounce back. The way chart...
Measured move shows the previous wave cycle was corrective, making the next cycle the impulsive wave.
*Since Yuan was introduced since 1955, there no use for making upward measured move target with incomplete data.
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Fundamentals// that China is not willing to keep print money like before+ US printing $$$
Recent upbeat data from China standing in contrast to the sluggish US statistics, the Bears once again are gradually regaining control as Sellers bombard 6.9900 level, down 0.15% on the last day of last week. With a meagre 45pips since my last publication on this pair (see link below for reference purposes), my Bearish bias still persists as price action has been...
📍 In this position, after clearing the knee-jerk reaction from covid flows we are starting to enter into chapter II, heavy protection. The flows have shown strength in drastic fashion; the apparently bottomless wallet of keynsian economics - suddenly showing a surprising amount of animation! You can see the impact of PBOC on Chinese Equities here:
...and now...
USDCNH reached key daily structure support.
touching the underlined level we see a bullish engulfing candle confirming the significance of this level.
on 4H the price is currently forming a right shoulder of inverted head and shoulders pattern formation.
7.09 is its neckline.
wait for a 4H bullish breakout of it and then buy on retest or aggressively (4H...
Hey friends hope you are well and welcome to the new update from the forex market. The Chinese Yuan has completed the bullish setup and ready to move up against US Dollar. In today's article we will watch the different chart patterns and indicators that are giving signals for the bullish movement of an Chinese Yuan.
A big falling wedge:
On long term monthly...
Simple- Chinese Yuan currency devaluation by stealth over time against all major trading partners. Effectively, eliminating the effects of the trade tariff altogether.
Strong bullish rally and retracement at golden ratio:
The Chinese Yuan has been moving up with a strong bullish rally since June 2007 to January 2014 that is almost seven years that the Yuan has been moving up against the US dollars. Then from January 2014 to January 2017 the Chinese Yuan moved down and retraced at 0.618 Fibonacci level that is the golden ratio...
This looks like an amazing opportunity for a sell. Price has broken out of the cloud, lagging span has also broken out of the cloud and it has broken my previous Higher Low. Lets see where this pair takes us
Friday promises to be an extremely eventful and interesting day. On the one hand, statistics on the US labor market will not let you get bored in the currency and stock markets, and on the other hand, the results of the OPEC meeting will determine the dynamics in the oil market. We will talk about this and much more in today's review.
But let's start...
A major breakdown ahead of the open as markets catch up to the virus disruptions. AUD and global trade are set to suffer for sometime, it will take a brave man to step against this flow.
On the monetary side, RBA tee'd up a rate cut in April with another in Q3 on the cards. Housing has already done the heavy lifting, will need A LOT more help from elsewhere to...
Here we go for a round of important chart update on the FX, Commodity and Equity board... I do not subscribe to the idea of this being the start of the euro reserve currency rally which we were tracking earlier in the year that failed from the Coronavirus short-circuit, although it is certainly moving with speed. Remember we have month end flows in play now too...
Yesterday was largely typical of the current week: investors continued exodus from risky assets and increased positions in safe-haven assets. Perhaps the main result of the day can be considered the return of the yen to the fold of safe-haven assets. Recall that last week, after the devastating data on Japan's GDP, there was talk that the yen could no longer be a...
