One of market wizards once told that to find the trend we should squeeze the chart.
Frankly speaking I thought USDCNY is in a correction before I squeezed the chart, the Monthly chart.
The pair had a Mega GAP in 1994.
It looks like we have an echo from that distant time in form of a downside impulse, which is filling the gap.
We could be in the last large wave ...
The US Dollar has been plummeting against the Chinese Yuan during the second half of August. However, it seems that the decline of the Buck against the Yuan has ended.
The currency exchange rate has met the support of a rather week long term descending channel pattern near the 6.5240 mark. It is possible that the trend line managed to hold its ground because of ...
Do much short on Yuan and it is about to continue unwinding/
I am standing with BEAR.
We still have possibility of the pair going 6.6.
Trade Safe
s0nic
Probable nice CUP O´COFFEE Formation in the Yuan.
Devaluation has been happeningin steps of 150pips. so this could be a long and paced devaluation (but pretty safe according to Macros).
Macro Astro Mr. Kyle Bass has cited:
KYLE BASS: 'We are facing the largest macro imbalance in global history'
Rachael Levy 01 Jul 2016 6:58 PM 611
Kyle Bass.
"We ...
AUDJPY has been in a downtrend for sometime now. We rejected the .618 fib level of the last leg and broke back thru support/resistance of 83.7. We're now looking for a retest of this level of the 1/4 hour and going to sell into potential new lows. Read my article about making 50% returns below.
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The USDCNY decreased 0.0027 or 0.04% to 6.8974 on Friday April 28 from 6.9000 in the previous trading session. Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994 and a record low of 1.53 in January of 1981.
Bitfinex laid an egg. Of course, Wells Fargo Bank did all the heavy breathing. And, then the price explodes to an all time high. But... it's not real. In fact, it's price discovery chaos all over bitcoin world. Let's dig a little deeper.
I have been reporting for months and months that there is a war going on between the PBoC and the Chinese bitcoin ...
As prices have achieved new highs we have the grounds to declare a possible intermediate top.
Divergences continue on RSI and EWO - note the clear divs between 3 of (3) and 5 of (3), and again between (3) of 3 circle and (5) of 3 circle.
Change in direction of volume adds evidence to intermediate top as we see volume increase through (3) and steadily decline as ...
Continued divergence on RSI and additional divergence forming on EWO signaling the end of wave.
Look for downward break of wedge for confirmation.
Box highlights possible price targets. May go lower based on extreme price action of late.
Based on the size and strength of recent price movement it seems that we have completed a wave three of some degree. Additionally, a bear divergence has formed on the RSI signaling the end of a move; the width of the EWO tells us it was most likely a three. Here it has been labeled using (3).
Price requirements for (4) have been met, but there is a good chance to ...
Read along while humming ZZ Top. This leg is formed much better than the blow off top leg 2 months ago. The only problem is volume is diminishing and that usually is a sign of the end. There are some contradictory indicators. MACD and RSI are showing this rally to has a little more room to grow. The angle of this leg is unsustainable and the price has ...
USDCNH looks very bearish in my opinion. We had a serious sell-off at the 6.986 handle, and I think we are due bearish continuation. This is a daily chart, so this is a longterm trade.
For those that follow bitcoin, it would be very interesting if we saw YUAN strength and BITCOIN weakness at the same time. :)
After 4 weeks, and awesome run. I am still leaning toward BEAR.
It shall go below 6.80 level again and even further.
DO not LONG just yet..
Trade Safe,
s0nic
