Where USDCNY is headed could be alot higher than expected. Since it's inversely correlated to Bitcoin I wonder what will see now that it's breaking resistances, will it bounce on what has now turned support or will it plunge back into the range without completing wave 5..With the bounce from the begining of he year I wouldn't be surprised here to see USDCNY rip higher.
3 month chart. Broke major trend line and continues to print down. My hypothesis is that no one wants to hold mainland currency due to potential domestic economic issues.
We have a huge Void below us and the Yuan has Rallied away from this Void before, but it appears to now be making a Lower High with Hidden Bearish Divergence on Both the RSI and MACD; If the Yuan Breaks Below the B point of this Potential Crab BAMM which also happens to be The Confirmation Line of what would then also be a 3 Falling Peaks Pattern, we will very...
FX_IDC:USDCNY Price is at a tough spot and I should wait to make a guess. Price could break out of the triangle and retest the resistance zone(I didn't mark it but it will be the last high)before it shoots up -OR it will come back down to the daily support and continue in the range. All I can say for now is that I'm watching to see if a "death cross" will form...
The Yuan will weaken to 10 against the dollar in Sept-Dec.
Structurally, the ratios very unambiguously point to this price target.
Timing-wise, it will almost certainly coincide with the crash in Treasuries that is also due this fall.
Look, no TA here more of an idea based around news that was just announced. China seems to be selling dollars here to prop up the value of their currency. According to the article:
"This adds to the earlier intervention efforts this week, with Reuters reporting that China's major state-owned banks were seen selling dollars again today in exchange for the yuan in...
There has been much talk lately on the Chinese yuan (RMB) dethroning the US dollar as the world's main reserve currency within the next decade or so.
I have been analysing the chart of USD/RMB from an Elliot wave's perspective to assess the possibility of that occurring.
In my analysis, the pair USD/RMB has completed the running flat pattern (W) and is...
Authors: SanTi Li, & NaXi Da
U.S. Treasury yield, long considered as a risk-free rate (R0) for value computations and future valuations as per materials like the CFA curriculum, bears nearly zero risk in the financial landscape. However, what happens if this supposedly risk-free asset becomes risky? A U.S. Treasury default would have vast ramifications on the...
It's been a long time see we last traded the USDCNY pair (see chart below) but it was a long-term trade that very precisely hit the both the 1D MA200 (orange trend-line) and 1W MA100 (red trend-line) targets:
After the January 16 rebound, the pair former a Channel Up and currently the price is approaching the 6.9785 Resistance. The 1D RSI got overbought on...
A new and dangerous phase of relations between China and America can bring a lot of problems for the world economy and not only.
After the removal of restrictions on the coronavirus, China opened up and became accessible to the world economy again. Everyone was waiting for this event and hopefully expected that the global crisis would end and new growth would...
One significant challenge to the US dollar's dominance in the global economy is the growing trend of de-dollarization. Many countries are seeking to reduce their dependence on the US dollar for international trade, investment, and other financial transactions.
One reason for this trend is the use of economic sanctions by the US government to contain geopolitical...
The Background & Info:
At the end of Q1 we have seen the usual crazy headline packed news cycle that we all have become accustomed to since 2020. Strange news, wars, meme realities and conspiracy vindication are now the new normal. You might have missed it in the news cycle, due to all the chaos, but the Chinese Yuan ( CNY ) has made some HUGE waves throughout...
FX_IDC:USDCNY
TRADE PLAN
INSTRUMENT: USDCNY
TIMEFRAME: DAILY
DESCRIPTION
While awaiting FED decision later today, there are potential bullish entries on Lower timeframe with stop loss at 6.830.
If price break the stop, we shall look for another bullish entry at the external trendline targeting 7.4900 level.
Fed rates hike will confirm the bullish bias.
2023, week 10
- Trend Status Analysis by PresentTrading
USD index is fluctuating around 6.9.
The risk market is uncertain.
Keep moving. Keep watching.
Gluck. Please do risk control.
-- Summary --
Total Closed Trades 34
Winning rate 76.47%
'Use backtesting to evaluate and make objective trading decisions.'
by PresentTrading
#forex #USD #CNY #trading...
FX_IDC:USDCNY
Up only? it seems DXY is going to dominate Forex again in short term.
Keep moving.
Keep watching.
-- Summary --
Total Closed Trades 34
Winning rate 76.47%
Use backtesting to evaluate and make objective trading decisions.
Gluck. Please do risk control.
PresentTrading
#forex #USD #CNY #trading #backtesting
