The price action of the USDCNY pair has been range-trading since the 16th of July, as underpinned by the ADX indicator. Bearish pressure has been slowly accumulating over the same period, which is illustrated by the current reading of the Stochastic RSI indicator.
The price action is likely to reach a new dip at the 23.6 per cent Fibonacci retracement level,...
The price action of the USDCNY continues to be developing a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Given the declining bearish momentum in the short term, as underpinned by the MACD indicator, a pullback to the 61.8 per cent Fibonacci retracement level at 6.4156 is likely to ensue next.
This would serve as the second...
Won't be a pretty place for us Americans in the coming decade. They're getting serious about Taiwan after taking HK - also, looks to break below this line. For something so manipulated, there's finally some pattern & reason.
I've visited China twice; I absolutely love the country and her people to bits and pieces. Obviously don't agree with what the CCP is doing,...
We are BULLISH on a break above top trendline so entry1 will be on a break above the top trend line that is buy when the price Breaks above while for holders or risk free traders sl below t.p above
Not an advice
Thanks for reading
GOOD LUCK TRADERS
Based on simple S & R, I can see dollar strength is weakening and this week no movements at all even DXY is keep rally up.
Somehow showing CNY is withstand strongly against the dollar strength.
Something is brewing up on tomorrow NFP
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 price of USDCNY is establishing a new downtrend. It is structured as a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. After having broken down below the 38.2 per cent Fibonacci retracement level, the price action is currently testing the lower limit of the Triangle.
If it manages to break down below it as well, then the price action would...
Main structure bearish minor BULLISH take note that's all I can say
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It's Not a trading Advice
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The USDCNY continues to find itself in a solid downtrend. This is illustrated by the ADX indicator, which has been threading above the 25-point benchmark since late September 2020.
The ADX reached a peak around the time the price action fell to the upper boundary of the last Accumulation range at 6.4700. Afterwards, the price went on to establish a false bullish...
Hello everyone. I've published 'USDCNH testing previous low with potential 1000bps drop!' 17 days later, price dropped by 500bps, hitting key level of 6.38 mentioned in the post.
I'm posting this not trying to say how accurate I am. What I care is what's next? Will the Chinese yuan keep appreciate against dollar until say, 6.33, or even 6.25?
After China set the value of the Yuan at over 8 per dollar in the early 90s, it gained in relative value in a 5-wave impulsive sequence that ended at about 6.0 in early 2014, which was the 0.382 retracement of the rise from 1981 to 1991. Since then, it has been in an upward correction (declining in value). By our count, this 3-wave sequence has completed its waves...
Hello everyone. I know the title looks too exaggerated. Would the dollar be so weak? Possible.
I remembered a friend seek my view on USDCNH 1 month ago when the pair was around 6.56. I was confident about the dollar index and told my friend that it might go to 6.68 level.
But I was wrong. Why? Because something important happened on April 1st. If you check...
with death cross & bearish divergence in play.
Obviously, this pair is heavily influenced by geopolitics and central bank policies. It may be unwise to base one's trades solely on the chart.
I've posted a few podcasts on the USD. You can find them on YT on my channel DrJLT Economics.