Trading in a correction - USD/CNH [Weekly Trading Plan]
Hello traders,
\u2028The time has come for me to present you yet another trading plan. This week I take a look at the USD/CNH currency pair and the potential for a correction wave down. We are getting deep in to August and the markets are not only harder to predict, but also the moves are a lot more chaotic and short.
For a full technical analysis of this pair you can check our Youtube channel.
Also if you want to receive our Live Signals join us on Telegram.
Below you can find the zones and levels in numbers as well as a short fundamental analysis for this week.
Weekly Resistance Area: 6.862 - 6.900
Weekly Support Area - Target: 6.705 - 6.666
Previous Weekly Top: 6.949 - 6.986
Fundamental Analysis:
Thursday - August 9
01:30 GMT (04:30 Bulgarian Time)
CNY Consumer Price Index - Expected reading is 2.0% while the previous one was 1.9%. This can be a little bit of a boost to the CNY and we can see the downtrend strengthen, especially if the reading comes out higher than 2.0%.
Friday - August 10
CNY New Yuan Loans
Another report that might bring volatility to the market, so keep track of it.
USD Consumer Price Index
12:30 GMT (15:30 Bulgarian Time)
Expected reading is the same as previous at 2.9%, but I think there is a high possibility that we will see a lower reading of around 2.6-2.8%, which will most likely weaken the USD and strengthen the downtrend wave on our pair. Keep it in mind if you have open positions as it can have a reverse effect.
I hope you enjoyed the trading plan and I hope we will be able to make some profits off this pair.
Our team wishes you a good and profitable week. :)
\u2028The time has come for me to present you yet another trading plan. This week I take a look at the USD/CNH currency pair and the potential for a correction wave down. We are getting deep in to August and the markets are not only harder to predict, but also the moves are a lot more chaotic and short.
For a full technical analysis of this pair you can check our Youtube channel.
Also if you want to receive our Live Signals join us on Telegram.
Below you can find the zones and levels in numbers as well as a short fundamental analysis for this week.
Weekly Resistance Area: 6.862 - 6.900
Weekly Support Area - Target: 6.705 - 6.666
Previous Weekly Top: 6.949 - 6.986
Fundamental Analysis:
Thursday - August 9
01:30 GMT (04:30 Bulgarian Time)
CNY Consumer Price Index - Expected reading is 2.0% while the previous one was 1.9%. This can be a little bit of a boost to the CNY and we can see the downtrend strengthen, especially if the reading comes out higher than 2.0%.
Friday - August 10
CNY New Yuan Loans
Another report that might bring volatility to the market, so keep track of it.
USD Consumer Price Index
12:30 GMT (15:30 Bulgarian Time)
Expected reading is the same as previous at 2.9%, but I think there is a high possibility that we will see a lower reading of around 2.6-2.8%, which will most likely weaken the USD and strengthen the downtrend wave on our pair. Keep it in mind if you have open positions as it can have a reverse effect.
I hope you enjoyed the trading plan and I hope we will be able to make some profits off this pair.
Our team wishes you a good and profitable week. :)
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