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USD/CNH Time for Big CorrectionWorth keeping an eye on this. Looking on monthly and weekly timeframes this has plummeted hugely, at some point there will be a correction. It has levelled off recently so there may be an opportunity now. To enter this I would like to see the price rise above the most recent resistance marked with the blue rectangle, if the price then holds here as a support a long can be entered with SL just below support and a TP at 0.382 Fibonacci which is around 6.67000. This also aligns with a support area in Feb/March/April 2019.
Long
by olly48
USDCNH on a bear flag 🦐USDCNH after testing the lows near a dynamic trendline retraced inside a minor ascending channel. The market reached the 0.618 Fibonacci retracements and now testing a support According to Plancton's strategy, if the conditions, will be satisfied, we will set a nice short position. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Short
by InkyGrip
26
USDCNH on a bear flag 🦐USDCNH after testing the lows near a dynamic trendline retraced inside a minor ascending channel. The market reached the 0.786 Fibonacci retracements and now testing a support According to Plancton's strategy, if the conditions, will be satisfied, we will set a nice short position. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Short
by InkyGrip
18
ridethepig | SHCOMP for the Yearly Close📌 Another round of updates for the Yearly close on the MT and LT maps, sellers may still be in control but buyers are flirting with that breakup. This will occupy the battlefield and unlock a test of 4,500 for 2021. What is wrong with the bull case is exhausting to list; the exchange of capital from public to private assets is developing sooner than I expected. After Trump lost it is opening the window and front door for capital outflows. I am not interested in personalities with politics, when you have been in this business for too long you either understand or learn to never trust politicians on either side. Biden implementing the typical "vote me in and i'll get the guy who caused this" manoeuvre is carrots on a stick. Economic cycles are more powerful than politics. As we have seen, monetary policy has been employed and constitutes an excellent weapon for this 'reset'. After PBOC 'whatever it takes' moment, we managed to trade more or less to the tick on the lows as the exchange was easy to track: Now once we approached the highs we began to track for signs of a possible top. On the one hand, the ABC is very strong and must absolutely continue holding for sellers to have a valid setup. However, an immediate attack on the highs looks somewhat easier now as we ran out of time on the U.S. political front. So, the correct moves for 2021 is now the freeing impulsive swing rather than the previous retracement: But we must quite specifically keep an eye on continuation of sharp speculators outguessing government defaults cooking and the early game has started. Possibly the occupation of 4,500 and beyond. Thanks as usual for keeping the feedback coming 👍 or 👎
SLong
by ridethepig
3
ridethepig | CNY for the Yearly Close📌 CNY for the Yearly Close... In the usual tradition, this topping formation appeared to fit the bill! The correct way to play it was for sellers to proceed; dollar weakness was knocking while CNY was quite tenable. It is now obvious that the above mentioned development has been less time consuming that the initial legs higher: This means the position we are tracking into the yearly close appears quite harmless but is very alarming. Sellers are now threatening to occupy the lows, in addition it has been quite comfortable for them with Trump unable to say much, the Biden Whitehouse will ensure dollar devaluation with extreme care. This year has clearly been the year of the yuan. In order to chase the moves lower; let's look for some targets and areas to unload liquidity - I am tracking 6.242x for the minor targets and 6.040x for the major targets in 2021. This obviously recognises the charming continuations, sellers should look for any weak rallies to scale into towards year-end. Thanks as usual for keeping the feedback coming 👍 or 👎
Short
by ridethepig
USD CNH BUY (US DOLLAR - CHINESE YUAN)Hi there. Price is forming a reversal pattern to change its direction. These are the fundamental reasons for a possible USD/CNH bullish scenario: Sentiment shifts: Bullish scenario: A breakdown in US stimulus talks and a possible towards a government shutdown; FDA rejecting or postponing the approval of the Pfizer vaccine; a breakdown in Brexit talks with no deal by EU summit. In this scenario we would expect to see downside in equities across the board, with US equities expected to fall more if we see US stimulus talks break down and more downside for EU equities if we see Brexit talks collapse and upside in the dollar across the board. Strong equity sell offs are usually accompanied with some support for the US dollar as the world’s reserve currency and with its safe haven status as well as Japanese yen and Swiss franc .
by thunderpips
USDCNH on a bear flag 🦐USDCNH after the break below the daily structure tested the 6.55000 area. The price after a false breakout retested the resistance area inside a minor channel. IF the market will break and close below the support structure we can set a nice short order according to Plancton's strategy. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger. Leave a comment that is helpful or encouraging. Let's master the markets together
Short
by InkyGrip
8
USDCNH looking for a retest of structure 🦐USDCNH after the break below a weekly support is consolidating over a daily support. The price is on a long bearish wave and never retraced back. IF the price will break and close above the daily structure, we can set a nice long order according to Plancton's strategy. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger. Leave a comment that is helpful or encouraging. Let's master the markets together
Long
by InkyGrip
2
EURCNH Possible 3R Sell at confluence areaAs we see on the chart, the pair is going to retest a very interesting confluence area - a bearish trend on daily and H4, mirror level broken and soon will be retested, bearish trendline with many touches, and also a possible break and retest of a bullish counter trendline. Also, we have a clear impulse and nice correction to the mirror level. Risk Management is the #1 rule, you can't control the market, but you can control your risk management. Stay calm and risk 1%.
EShort
by Yelli_trades
$USDCNH DRIVES USD WEAKNESS BUT POSSIBLE MEASURED MOVE COMPLETEUSDCNH has been a strong driver of USD weakness and has weakened more that 7% over 5months, straight line. Looking at the technical structure of the double top and breakdown right through the neckline levels, the measured move takes us down to where USDCNH put in a low last week at 6.627. Last week produced a reversal candle (though a weak one) closing around 6.665 just below the key 6.67 and 6.74 handles. There is momentum divergence on the lower lows and completes the measured move. Technically a strong case for a bounce here. PBOC are getting concerned about recent USD weakness which could hurt exports and meeting inflation targets. They will act to achieve their targets and this pivot zone looks like a good reference level on how much they are willing to let the CNY appreciate against the USD. For now, the added uncertainty of US elections and what it means for escalating US-China tensions means market sentiment will lean on the cautious side and see some safe have demand, and some upward consolidation in USDCNH. I don't have a position but keeping an eye on this as I engage in pro-USD trades.
Long
by doejistar
USD vs Chinese Yuan - KEY LEVELPrice development of USDCNH is likely to set the tone for US Dollar for the entire market. As this is a sort of "Hidden dollar index" as its correlated with EURUSD . Right now we saw dollar bounce back as we hit yearly low. Most likely it was a fakeout - piercing through the 2019 low. If this week closes with a pinbar dollar most likely bounce back. The way chart looks now its LONG but it may change. Lets see where we close tomorrow. We need more definite signs as there are price inefficiencies (yellow zones, illiquid rides) both directions. Price is set to fill them. If we see accumulation below the yearly low - the drop will continue. Top Absolute Correlation 1 Week 1 USDCNH - XNGUSD -73.9% 2 USDCNH - EURUSD -72.6% ----------------------------------------- 3 USDCNH - XAGUSD -72.6% 4 USDCNH - XAGEUR -71.8% 5 USDCNH - EURJPY -70.5% ---------------------------------------------- 6 USDCNH - XAGAUD -70.1% 7 USDCNH - USDSGD 69.5% 8 USDCNH - USDPLN 69.1% 9 USDCNH - NZDUSD -68.7% 10 USDCNH - USDCAD 68.4%
by ICFX
ridethepig | USDCNH into the elections📍 USDCNH into the elections Oct 2020 Markets are moving quickly. Sellers completed the third wave target at 6.629x as widely expected. The pullback we are tracking in wave 4 is now brilliant proof of a lust to expand even further down. In the 2020 macro chart, we are ahead of schedule and a healthy pullback into the elections, followed by an exchange lower seems like the pragmatic play. Of course if you are short from above you have nothing to do but continue to add on pullbacks, but for those wanting to get closer to the flows, a leg back towards 6.85x seems highly likely. Thanks as usual for keeping the feedback coming 👍 or 👎
Long
by ridethepig