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Usdcnhidea

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 | Perspective for the new weekIt has been months since I published any speculation as our last publication on this pair saw us bag over 1,000pips ( see link below for reference purposes). China is on the brink of launching its CBDC - Digital Yuan. To facilitate its smooth launch, the digital yuan had to undergo several testings. In line with this, the government in Shenzhen, a metropolis in China, has disclosed plans to distribute 20 million digital yuan (approximately $3 million) to the city’s residents... This could be an exciting development for investors as the Yuan continue to rise against the Greenback in recent times. Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand | Trendline | Harmonic (AB = CD) Observation: i. Y6.95000 level remains my key level as this zone shall be the yardstick for selling opportunity in the coming week(s). ii. Successful Breakdown of Key level at the beginning of the new year is a sign that the Yuan will continue to appreciate. iii. Presently experiencing traders profiting from the boom that began the year, a correction into 61.8/78.6% is on my radar for a trading opportunity. iv. Suspected ABCD pattern parameters explained below; a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is at 61.8% currently (with a possible 78.6% in the future) Fibonacci retracement of the A-to-B leg. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move. Trading plan: SELL confirmation with a minimum potential profit of 1,000 pips. Risk/Reward : 1:3.5 Potential Duration: 10 to 20 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
USDCNH | MY PERSPECTIVE FOR THE WEEKSince my last publication on this pair (see link below for reference purposes); price has moved over 500pips in our direction followed by a correction move with the anticipation of a further decline scattered all over the place! As USDCNH risk a further decline in the following week, a retest of my Key level is red flag to watch out for in the following week(s). Tendency: Downtrend ( Bearish ) Structure: Retracement | Trendline | Breakdown | Supply & Demand Observation: i. Breakdown of my Key zone @ 6.98000 followed by a retest of this zone in the following week confirms my Bearish bias on this one. ii. Correction of Breakdown impulse leg appears to culminate at my key zone which is 61.8 retracements. iii. It is also worthy to note how selling pressure has been strong at the corridors of my Bearish Trendline since it's inception in June 2020. Trading plan: SELL confirmation with a minimum potential profit of 600 pips. Risk/Reward: 1:3 Potential Duration: 3 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
2
USDCNH | WEEKLY PERSPECTIVERecent upbeat data from China standing in contrast to the sluggish US statistics, the Bears once again are gradually regaining control as Sellers bombard 6.9900 level, down 0.15% on the last day of last week. With a meagre 45pips since my last publication on this pair (see link below for reference purposes), my Bearish bias still persists as price action has been caught within a consolidation phase with the anticipation that a Breakout from this range might be emphatic in the following week(s). Tendency : Downtrend ( Bearish ) Structure : Channel (Bearish Rectangle) Observation : i. The fall of the USD since the beginning of July 2020 appears to continue even though we had a heavy consolidation pattern throughout the later part of last month. ii. My Key level at 6.98000 is still a level on my radar in the coming week as I anticipate a significant Breakdown considering the selling pressure @ 7.00500. iii. Kindly refer to my previous broadcast on this pair as the Harmonic expectation (AB = CD) is still in existence. Trading plan : SELL confirmation with a minimum potential profit of 550 pips. Risk/Reward : 1:3 Potential Duration : 1 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
1
USDCNH | WEEKLY FORECASTThe Yuan has been on the rise since the beginning of June 2020 and it does not appear that there will be a "slow-down" in the following week as the Greenback continues to depreciate. Tendency: Downtrend ( Bearish ) Structure: Breakdown | Descending Triangle | Support & Resistance Observation: i. A structure depicted by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows confirms our Descending Triangle . ii. This pattern clearly explains that the Demand for the USD is weakening; iii . As we anticipate price to break below our lower support @ 7.05000 (a psychological level) indicating downside momentum will become stronger in the following week(s). iii . In as much that we shall be wary of false Breakdowns at the lower support, we shall eye a further Breakdown of Daily chart Trendline with engulfing candles as comfort . iv. Please note that as the price keeps putting pressure on the 1st Key level throughout last week, a Breakdown of this level might be a zone to initiate sell order for quick gains. Trading plan: SELL confirmation with a minimum potential profit of 450 pips. Risk/Reward: 1:2.5 Potential Duration: 1 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
USDCNH. The price reversed and begins to fall.Hello dear subscribers! The price of this currency pair is constantly changing. In the previous chart about this pair, there was a classic cup and a handle pattern and it worked! The price hit the resistance level and turned in the opposite direction. The price will continue to fall to the target. Good luck to you. If you liked this idea, please like and subscribe to my profile. This idea does not provide the financial advice.
Short
by UnknownUnicorn6402893
1
USDCNH. Cup and handle. Hello dear subscribers! The economic battle between the Great Powers continues. The price of the Dollar shook at the beginning of May, but as soon as the price of oil began to rise, the American currency strengthened in the world market, and this is facilitated by the currency printing press, which operates at full capacity. So the price will develop according to the cup and handle pattern. Good luck to you. If you liked this idea, please like and subscribe to my profile. This idea does not provide the financial advice.
Long
by UnknownUnicorn6402893
USDCNH. The price will continue to grow.Hello dear subscribers! The price of the American dollar will rise, because America is selling the securities of Chinese companies, we are talking about 50 billion dollars that were invested in the fund in 2017. This money will be withdrawn from these assets, thereby undermining the economy This means that the price of the Dollar will rise and reach the target. However, this action may have unpredictable consequences. Good luck to you. If you liked this idea, please like and subscribe to my profile. This idea does not provide the financial advice.
Long
by UnknownUnicorn6402893
1
USDCNH. What to expect in this global crisis?Hello dear subscribers! China is rejoicing! No new cases of coronavirus infection have been reported. This means that China is opening its provinces, the process of production and trade is getting better, the Chinese yuan is growing, but in America the opposite is the case, the number of infected people is increasing every day by hundreds or thousands of people, another factor that favorably affects the Asian market is cheap oil, now the price per barrel is 21.80, such an outcome is not beneficial for the Americans. Everything will be decided only when the countries included in the OPEC + alliance resolve the economic collapse. Good luck, do not get coronavirus! If you liked this idea, please like and subscribe to my profile. This idea does not provide the financial advice.
Short
by UnknownUnicorn6402893
1