USDCNH - Potential trend change
Updated
Potential weekly bottom, but has a lot of work ahead to grind higher.
Technicals look close for a breakout, and recent dollar strength obviously helping.
Is dollar strength sustainable, now dust settled on Powell decision etc?
Technicals look close for a breakout, and recent dollar strength obviously helping.
Is dollar strength sustainable, now dust settled on Powell decision etc?
Trade active
Bit hectic in the markets on Friday with the new Omnicron Covid variant, or at least thats what the media decided. Mixed dollar strength and weakness, market still digesting if new COVID is going to force lockdowns around the world again. Technically in the Daily still trying to breakout, but clearly strong resistance. Big drop, just before my SL, trying for a higher move.
In general, trades that don't start to go in your direction initially tend to be losing trades. Need to at least check daily close tomorrow.
Trade active
Trade closed: stop reached
Stopped out on 30th November. Loss of 1.4%.Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.