CNY (Chinese Yuan Renminbi)
Long USDCNY to 7.7A nice set-up for CNY depreciation against dollar. c wave of (b) is almost done. China/Taiwan conflict might trigger that.
Expecting more strong Yuan.Expect a more strong Yuan push rate to 6.26 support area. Currently in a strong downward trend.
ridethepig | CNY Market Commentary 2020.02.16On the technicals there is little to update while the resistance holds, despite the bounce via PBOC intervention on coronavirus risk flows. The only level in play to the topside is 7.0248 as it caps the highs in the current wave. Anything above will unlock a leg towards the next barrier at 7.0733.
The coronavirus short-circuit sadly temporarily disrupted the USD devaluation / reflationary growth theme. I am still holding shorts and active looking for a test of the 6.825x. Anything below that will open the floodgates for the major break:
As usual thanks for keeping support coming with the likes and comments, we'll open up the short-term flow after the Tokyo open in the comments below for those trading live!
Major Reversal In Play For CNY - A Must Track!!A good time to update the CNY chart with US away from their desks for thanksgiving. Both sides rolling back tariffs means that CNY has unlocked the gates for a retrace towards the key 76.4%.
On the monetary side, updates from PBOC who continue sitting on the bid and are unlikely to change stance and keep CNY strong against the crosses, and as long as this remains the case the highs will be capped. Risks to my thesis come from another escalation in protectionism.
For Chinese Equities the important and key 2793 is back in play again:
Those following previously will remember trading the breakout to the topside, which is now clear was the final exhaustion leg. A textbook one to track for those wanting to dig deeper:
For the technicals we are tracking a similar leg in nature to the sell-off in 2017, initial looking to target 6.9xx with extensions as low as 6.6xx and 6.4xx. While to the topside invalidation will come via a break of the highs.
Best of luck all those on the CNY bid, jump into the comments with any questions and your views on CNY!
CNY-denominated gold will hit a new high in the future.
Only valid for Chinese people. If you want to keep your wealth. You need physical gold. I don't understand the macro economy. I think the trade war is long-term and he will exacerbate the devaluation of the renminbi. If you are a Chinese compatriot. I hope you are lucky.
How To Track The arbitrage Opportunities On Chinese YUANHere The Pretty Nice Setup To Hunt The Arbitrage Opportunities On Chinese YUAN.
Will USDINR breakout and depreciate INR further?China's central bank guided the yuan lower on Thursday FX_IDC:CNYUSD .
China's first shock devaluation in August jolted the global financial markets and Indian currency "INR" was also affected by this sudden move.
This second devaluation has come at such a crucial time, when money market was expecting strengthening in "INR" and start of appreciating trend.
Can "INR" sustain the pressure or it will prevail further devaluation?
Go long FX_IDC:USDINR
Trade Trigger 67.2
Target 68.6
SLTP 66.7
CNY FURTHER DEVALUATION! (RED IS GOOD!)China.
It's been in the media?
It's being painted as the bad guy! Well unlike Kim Jong Un Dropping H-Bombs
China will drop some more bombs in the future but it will be devaluaing the Yuan
Yuan is now in the SDR and many countries are going to start adopting more and more.
We see a devaluation to 6.8 maybe slightly further until you will see the yuan gain any more strength against global currencies.
Zhu ni hao yun!
