#USDCNY long term selling opportunity
Updated
As you can see in the chart massive bearish divergence between price and MACD indicator in weekly time frame which can cause a long term selling opportunity.
Also price is testing bullish trend line acting as resistance since its connecting the tops and every time price test this trendline sellers jumped into market and drive price lower.
Also as you can see we already had bearish divergence in the price before and caused prices to come lower in previous tops
Also price is testing bullish trend line acting as resistance since its connecting the tops and every time price test this trendline sellers jumped into market and drive price lower.
Also as you can see we already had bearish divergence in the price before and caused prices to come lower in previous tops
Note
The lack of price movement last week was due to the Chinese holiday. However, now that the holiday is behind us, we still believe that this currency pair has the potential to see lower prices.Note
Confirmation of bearish divergence on the weekly time frame, leading to a downward movement in prices. Please leave a like or comment if you have found this idea helpful.
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