SHORT USD/CNY
Updated
Yellow solid lines mark the trading range.
Yellow dotted will be future MP centre and level of interest.
Lower yellow price will be support with bulls pushing back up.
Upper blue line will take turns as support and resistance.
Lower blue line will be final destination subject to PBOC refixing rate.
Precise entry level tough given slim volume up here. I'd look for multiple rejection wicks on 4H and just let it ride from there for a multi-week swing.
Yellow dotted will be future MP centre and level of interest.
Lower yellow price will be support with bulls pushing back up.
Upper blue line will take turns as support and resistance.
Lower blue line will be final destination subject to PBOC refixing rate.
Precise entry level tough given slim volume up here. I'd look for multiple rejection wicks on 4H and just let it ride from there for a multi-week swing.
Note
PBOC sets USD/ CNY reference rate for today at 7.2150 (vs. estimate at 7.3284).Trade active
Note
Looks like I am not alone up here. Monday should be fun.Note
Reaching ST MP centre. Nice response today as expected. Gotta watch PA and volume over the coming days leading up to the mighty Fed gathering.Note
Close under 7.26 and we go to 7.2 next.Note
I do not like the bounce off 7.296 on the daily but gotta see where we end up post Fed and dot plot tonight.Note
Down we go.Note
Targets in green.Note
Taking some profit here.
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