A larger retracement down may be expected at least. We are in a downtrend already and I recommend to mind the doubletop and to look out for a possible Head and Shoulder if the neckline will be undercut.
Trump sent a negative signal on trade deal again, mentioned that there will be no deadline to sign a deal. The only thing matter is whether he wants a deal or not. It's even better to sign after the election the next year. Also, Ross said that additional tariffs would be levied if no progress before Dec. 15th.
The US dollar continues to rally against the Chinese Yuan, grinding higher and above the 7.00 CNH level. The market has recently seen the 200 day EMA level as support and bounce quite nicely from there. By doing so, we have attacked the 50 day EMA, but have not broken above it yet. If we can close above there on a daily chart, then it becomes a very bullish sign....
The US dollar has rallied a bit during the trading session on Friday, as we continue to see the US dollar pick up steam against the Chinese Yuan. A lot of this is going to come down to the US/China trade deal, and although we have had a significant pullback as of late, you can see that the market has bounce from the 200 day EMA. We are currently testing the 50 day...
USDCNH Already breakout down trend line and retest it forming 123 bullish pattern
Key Level breakout @ 7.0325 confirm the idea
Price moving above 100 MA
Volume profile shows that price should move more bullish to be attracted for HVN area
USDCNH expected to rise up to 1st resistance at 7.0344 where it could potentially react off and drop down to 1st support at 6.9466.
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