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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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.
From a long down trend period on yuan.. now its time for dollar get some strength .... it`s also a good indicator for a dollar appreciation over other currencies ... for moment dollar is up against CHINA!
The dollar appears to be bottoming vs the yuan and is reversing with some strength. Considering the current trajectory of the DXY, I am thinking this is going to go much higher by the time this is all said and done. I would not be surprised if we see USDCNY > 6.75 by the time this is all said and done.
Hi everyone! USD/CNY pair headed for decrease and, I consider that falling will be continued to the lower line of the channel about about 2.618 according to Fibonacci.
TP = 6.4739
Information provided is only educational and should not be used to take action in the market.
Strong downtrend...but possibly forming support. Price tried to break top trendline of channel down and was rejected. Before downtrend got some energy, price was making it to upper bollinger band set on an 80 MA. Now having struggling to make it to middle bollinger band and has not made it to the MA in a while
Bullish case: It has broken up and out of the...
Five world-class investors that are bearish on USD...
1) Ray Dalio
“You can’t continue to run deficits, sell debt or print money rather than be productive and sustain that over a period of time. If we don’t work together to do the sound things, to be productive, to earn more than we spend, to build the stability of our currency and build a good balance...