USDCNH Timeframe: H4 Direction: Short Confluences for Trade: - Around Resistance Line of Previous High - Stochastic Overbought momentum - Fundamentally, China has seem to be slowing moving towards a psychological level of 7.00.Currently, the previous high proves to provide some resistance and we can take this as a short term opportunity to short USDCNH....
Hello everyone :D We have a double top with a hidden bearish divergence on the RSI. What that means is we have a higher high on RSI with a lower high in price. If you are looking for a short try and find a confirming pattern on a lower time frame! Much love!!
=> We are expecting profit taking in the pair over the coming sessions. the PBOC are beginning to support a narrative providing some short-term strength into the Yuan after months of preparing for the trade war with US. => This is a very complex environment so its time to stay out if you don't know what you are doing. => A Daily close below the 6.8676 is the only...
USD/CNH is showing signs of exhaustion after a bull rally which started in April 2018. Appearance of wick rejection at current high. On the day chart we see an evening star pattern, and a large bearish engulfing candle. Using fib and impulsive movement of price anticipate retracement to at least 50% or 61.8% fib level, which are key levels of this pair. Dollar is...
This analysis takes a quick look at the USDCNY on a Daily tf chart. The points noted on the chart are discussed below: (1) Major bearish trendline in the USDCNY (in color blue) that has been active since ~January 04, 2018 and was successfully tested on July 3, 2017. (2) This region marks indicates where the USDCNY is expected to find resistance on a breakout...
From the Price Action, it is quite obvious that the selling pressure is greater than buying pressure now. Overall, we are bearish on USD/CNH Here are 2 trading plans for you: 1. Wait for bearish signal to short 2. If price pull back higher to Resistance Zone, wait for bearish signal to short :)
USDCNH may be due for a correction towards 6.60. The Yuan has weakened to 6.70 per dollar and the pair appears overbought on a weekly and daily basis. Having failed to provide a confirmatory close above this key level, we may see a correction towards the 38% Fibonacci retracement level standing at 6.6056 In the meantime, the highly correlated Dim Sum bond ETF...
Hello Traders, Following the theme of this weeks chart. Here is another Wolfe Wave that is underway on the hourly time frame in the US Dollar Chinese Yuan Pair. Look for an exit at the 1-4 Line