The Chinese Yuan's volatility versus the US Dollar has eased considerably in recent months compared to price action seen earlier this year. USD/CNH is quickly approaching the apex of a Symmetrical Triangle pattern, however. This may see the currency pair make a break higher or lower in the coming weeks.
Technically speaking, the triangle doesn't show bias to...
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...
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.
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)
🏛 USD_CNH broke out of the falling channel
And also broke the horizontal key level
Which now serves as the support confluence
And is being retested by the pair
I am bullish now, and I think that after the retest
The pair will go up to retest the next horizontal resistance level
LONG🚀
✅Like and subscribe to never...
ING discussed its expectations for the USDCNY in a recent note to clients.
Finally, the PBoC acts to deter yuan appreciation
After several rounds of talking down yuan appreciation, China's central bank has now taken some firmer action. The PBoC will raise fx deposit reserves from 5% to 7% effective from 15th June. This comes after the PBoC appreciated the...
CNY has broken a major long term trendline against the US dollar. I believe there is more upside ahead for the Chinese Yuan.
The Chinese gov will try to talk down the Yuan to dollar but that will not work without some major government intervention. Just today, they announced a hike in reserve ratio requirements for the first time since May 2007. This move didn't...
Chinese Yuan has been performing very well against the USD, but that bullish run is about to be halted! USDCNH has pullback to the monthly ascending trendline and also on a good support level. Expecting price rejections at this level for another rally to the north.
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
📌 Clarification of the manoeuvre designed to show the third liberating impulsive leg
The following position was reached after Buyer's attack on the log chart created room for a momentum break. I chose the 'log chart' break (which was a game changer in the opening phase) as the one to track so that we could make use of the whitespace above. The way Buyer's...
eu lockdowns in progress
only Uk doesnt want another wave of lockdowns
germany needed 10 bilion to boost economy
new protests and riots in Poland
still no brexit deal
And to all that GOLD reacts by going lower?
something is wrong
you may as what?
Nothin much just China Banks buying USD to curb yuan;s strenght
CLOSER TO THE CHANNEL BOTTON => BETTER PLACE...
📍 USDCNH into the elections
Oct 2020
Markets are moving quickly.
Sellers completed the third wave target at 6.629x as widely expected. The pullback we are tracking in wave 4 is now brilliant proof of a lust to expand even further down.
In the 2020 macro...
FX Update: USD breaks support but do bears want to press their case pre-election?
Summary: The US dollar closed last week below important support levels as investors position for a large US stimulus deal and wax positive on a Biden presidency as odds continue to tilt his way in the latest polls, easing fears of a contested election. Elsewhere, China initiated a...
Hello everyone
USDCNH broke a uptrend channel
and now we retested the broken uptrend we should expect a drop to the demand zones
or this could be a fake breakout and we head back into the channel
weekly candle close is very important
:) watch chart notes and feel free to ask any thing
