The Chinese yuan rose to one-week highs on Monday, fueled by expectations that Shanghai, the country’s financial hub, will soon emerge from a two-month lockdown that has crippled economic activities in the city and weighed on the country’s overall economic recovery. The CNY traded at 0.1504 against the greenback on Monday, recovering further from an over one-week...
The US Dollar may regain its footing against the Chinese Yuan amid favorable fundamental headwinds. China's zero-Covid policy has been weighing on local economic output. Meanwhile, rising fears of a recession in the US are slowly weakening global growth expectations. This leaves China in a tricky spot, even if conditions open up locally. A slowing global economy...
Zooming out to the monthly CNHUSD which represents offshore yuan, we have clearly had an exit from the downtrend that has been in place for close to a decade. The big question is, what's next? Right now, I'm seeing the CNH drop out of a rising wedge to potentially retest the downtrend and/or the 72/89 EMA cloud. I've drawn out my best guess on what a retest would...
China is struggling, Covid 3.0 or whatever version we are on now is taking a hold of the Chinese, Shanghai in lockdowns and Shipments struggling to dock. The Chinese Economy is in a very interesting position currently, with Companies like the Chinese Titanic 'Evergrande' defaulting. We are seeing China try to expand its influence in the SCS ( South China Sea)....
Monthly chart so much more macro. Theoretically, the way this could play out is that it falls out of the rising wedge to retest the 72/89 EMA cloud. After that, its make or break on falling back in line with the broader downward channel or to send it and bounce off that EMA cloud. The interesting note is the implications of what a bounce off the EMA cloud means......
The US Dollar is making a move against the Chinese Yuan after months of consolidation. USD/CNH took out a year-long falling trendline, as well as the 6.3941 - 6.4107 resistance zone. This marks the highest close since October. Further upside confirmation could perhaps hint at a turning point for the almost 2-year long downtrend. A bullish crossover between the...
CNH1! Birds of different feathers are likely not to flock together! As policy divergence continues between the US Fed (Hawkish) vs the PBoC (Dovish), we expect the Dollar to strengthen against the RMB on a macro level. On the technical side, we see a bullish RSI divergence (prices making lower lows while RSI making higher lows), suggesting that momentum is...
Saudi Arabia reportedly considering accepting yuan instead of dollar for oil sales. Saudi and Chinese officials are in talks to price some of the Gulf nation's oil sales in yuan rather than dollars or euros. Via WSJ -Talks have been on an off for six years but have recently picked up pace. -The piece notes this will dent Dollar dominance. -China purchases over...
USFD broke what looked like a double top pattern to form a bull flag and breakout. Also tested 52week fib as support at 37.49.
The Chinese Yuan spent most of 2021 appreciating against the US Dollar despite a broadly upbeat year for the latter. Now, fundamentals may be paving the way for its turnaround amid the risk of slowing demand for Chinese exports - www.dailyfx.com USD/CNH recently turned higher following a more hawkish Federal Reserve, reinforcing the key 6.3526 - 6.3238 support...
FX:USDCNH The Chinese currency is in the lowest price range since 2018 Yuan is in the Support Area China Yuan Support Range : 6.31000-6.40000 Entry Price :6.35000 1st TP: 6.47000 R/R: 3 2nd TP: 6.59000 R/R: 6 3rd TP: 6.69500 R/R: 8.5 SL: 6.31000
What 3 Events Will Traders Be Watching This Week? 17 Jan – 21 Jan, 2022 Monday, January 17: YoY China Retail Sales Dec Year over year Retail Sales in China is predicted to slow in December 2021’s reading from 3.9% to 3.7%. The Offshore Yuan has eyed a sub-6.34000 value against the USD since December 2021 but hasn’t held the nerve to stay this low for...
the Renminbi has been very strong against the Euro throughout the year. I expect a reversal as PBOC announces new monetary easing policies every day while ECB becomes increasingly hawkish.
Republishing this from my USDCNY post. 1. Head and Shoulders pattern 2. MA's + PA show a bottoming pattern 3. China will devalue the Yuan (Remnimbi) 4. Dollar $DXY will go over 106 5. Gold $XAUUSD will go below $1,500 oz. 6. Silvere $XAGUSD will go below $15 oz. Trade idea related to this currency pair that goes through other macro factors twitter.com 10, 20,...
🌟this pair is traded for a long term situation with a high R/R value (the R/R stays the same) 🌟in this ascending channel you can see the reversed H&S formation (or the 3 buddha or 3 rivers in Japanese trading) which is an indicator for a bullish bias and its marked with faint yellow highlight 🌟you can observe a blood waterfall (marked with red highlight) which...
The strength of the Chinese Yuan and equity markets appears to be correlated due to the Chinese's increased trade presence and credit expansion. If price action continues to push below the 200 day EMA we could be likely looking at a bear market. Could the dollar milkshake theory prove to be correct? Only time will tell. (Dramatic music engage)
NSE:RAIN Rain Industries on weekly chart form a cup and handle pattern and almost ready for big blast rain industries will show good uptrend from here onward. to be safe side one can wait for follow through buying on daily chart. CMP is 243.3 while 190 will be good support. || hari om || || Shree Ram || || Ambdnya ||
Buyers position marks (5) as a soft and temporary floor. Other events can cause the base to appear a lot stronger than it does, so the transfer of the attack from one direction to the other can be subtle, although not a matter of pure chance. It has been a relatively straight forward flow, but one that has not seen much light thrown on the subject thanks to...