USDCNH - Support & Resistance LevelsUSDCNH - Support & Resistance Levels with potential entry points in case of breakouts.
CNHUSD trade ideas
CNY state-owned banks' move to sell the greenback and buy the Ch- 💹 Chinese stocks and yuan surged after leaders pledged policy support for post-COVID recovery.
- 🏙️ Beijing to focus on expanding domestic demand and preventing risks.
- 📈 Tech giants and property developers' shares rose significantly.
- 💸 Foreign investors bought nearly net 19 billion yuan ($2.66 billion) of Chinese shares.
- 🛢️ Other sectors saw gains between 2.2% and 4.5%.
- 📊 Goldman Sachs sees economic growth situation as slightly more dovish than expected.
- 🗞️ Markets closely watching how Politburo's statements translate into actual measures.
USDCNH is In Bullish Phase USDCNH is in Bullish Phase, Still it doesn't break last HL and THere is no Bearish Divergence
USDCNH TRADE Idea SELL (24/07/2023)Another exotic pair, exercise careful actions when trading these pairs. Anyway - Clearly the bias is a sell.
The price reacted well off of the POI and is now creating structure, with a liquidity grab having been made to the upside. As evidenced by the 1m chart, the price is looking to break structure so you could get ready to look for the order block.
An order block can't be mapped out unfortunately,as the break hasn't officially occured.
Please be aware that this sell will only be activated once the break occurs. Also be aware that the overall movement (Weekly) that is being looked for is a buy.
RR may be potentially of an 8 or even more.
NOTE: This is not financial advice, please do your own research and be aware that any risks are being taken solely by you, the individual.
USDCNH - Bull TrendThe pair has made HHs and HLs. Bullish candles formation suggest it may move to make another HH and HL
USDCNH turns upwards after China data disappointment The Yuan has come under pressure in early trade today, driven primarily by a raft of concerning economic data points out of China. From a growth perspective, the year-on-year GDP figure of 6.3% came well below the 7.1% widely forecast. Meanwhile, underwhelming declines in both fixed asset investment and retail sales dampened the outlook for growth going forward. The Chinese have been hoping that domestic consumption could drive a fresh resurgence following the prolonged period of zero-covid lockdowns. This retail sales number does raise fresh doubts over that prediction.
While the dollar has found itself under pressure of late, the rebound that appears to be underway for USDCNH comes from a notable confluence of trendline and Fibonacci support. This could bring a potential bullish turn for the pair. As such, watch for a potential move upwards in the coming days, with a move back below 7.10395 required to signal a bearish continuation.
Bullish Opportunity on USDCNHHello traders!
I would like to present an exciting trading opportunity on the USDCNH currency pair, which appears to be trading bullish on the 1-hour chart. After analyzing the price action, I have identified a compelling bullish engulfing candlestick pattern, suggesting a continuation of the upward trend. Let's dive into the details of this trade plan.
Trade Plan:
Entry 1 (Market Execution): 7.1800
Entry 2 (Market Execution): 7.1804
Stop Loss (SL): 7.1277
Take Profit 1 (TP1): 7.2131
Take Profit 2 (TP2): 7.2405
Reasoning:
Bullish Engulfing Candlestick Pattern: The recent candlestick formation indicates a shift in market sentiment, as the bullish engulfing pattern has formed on the chart. This pattern typically suggests a reversal of the bearish trend and the emergence of bullish momentum.
Strong Buying Interest: The presence of a bullish engulfing candlestick pattern signals increased buying pressure, as the buyers have overwhelmed the sellers during the given timeframe. This suggests a potential upward movement in the USDCNH pair.
Trade Execution:
To take advantage of this bullish opportunity, I have executed a market order with two entry points. The first entry is at 7.1800, while the second entry is at 7.1804. This allows for a staggered entry strategy, potentially capturing a better average price and managing risk.
Risk Management:
To protect our capital in case the market moves against us, I have set a stop loss (SL) level at 7.1277. This level represents the maximum acceptable loss for this trade setup. It's crucial to adhere to proper risk management principles to safeguard our trading capital.
Profit Targets:
For potential profit-taking, I have set two take profit levels. The first take profit (TP1) is at 7.2131, representing a moderate level of resistance on the chart. The second take profit (TP2) is set at 7.2405, targeting a stronger resistance level. Traders may consider adjusting their positions or locking in profits at these levels.
Please note that trading involves risk, and it is essential to perform your own analysis and risk assessment before making any trading decisions. This post is intended for educational purposes only and should not be considered as financial advice.
Happy trading and may the markets be in your favor!
Disclaimer: The information provided here is based on my analysis as a technical analyst and may not be accurate or suitable for everyone. Trading involves substantial risk, and you should only trade with capital you can afford to lose.
Any nae sayers??USD/Chinese Yuan has been showing dovish signals during the 3rd qtr and after the news on July 12, 2023 (which can be located on the blue location tab) the economy shows to be slowing down significantly.
After news printed on the 12th of July 23, price made a clear decision just 4 hours later we can start to see some clear institutional movement with the dovish engulfing candlestick and a day later structure appears to continue downside pressure especially with the Pin bar holding at a resistance. This could lead to a further drop in price.
Even though this pin bar has printed i'm still looking at price for a sell off from the previous news update for a stronger move to the downside. I will be patiently waiting for this move to happen.
38 Pip S/L
558 Pip T/P
Let me know what you think?
USDCNH-Bearish H1USDCNH is trading in bearish trend as price moving by making lower highs and lows and now it has made inverted hammer candle at lower high
USDCNH Potential UpsidesHey Traders, in tomorrow's trading session we are monitoring USDCNH for a buying opportunity around 7.21600 zone, USDCNH is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 7.21600 support zone.
Trade safe, Joe.
USDCNH turns lower but uptrend looks likely to kick in again The PBoC have chosen to intervene in a bid to support their ailing currency, setting their 'fixing' above levels expected by markets. Unfortunately, these steps have had minimal benefit, with markets aware that we are likely to see further USDCNH upside given the significant interest rate differentials between the two nations. With inflation barely evident within China, their central bank have had little option but to remain accomodative. This comes to the detriment of the Yuan, which only recently hit a seven-month low against the US dollar. Much like the situation in Japan, intervention can go one of two ways. It can highlight the risk of shorting their currency, warning speculators that intervention could spark a reversal at any moment. However, there is also a chance that market participants view the intervention as largely blunt, signalling expectations of further downside to come.
Looking at the hourly USDCNH chart, we can see that price is falling back into a confluence of trendline and Fibonacci support (61.8%). This brings a potential opportunity for bulls to once again look for an rebound to maintain the uptrend. A break back below the prior swing-low of 7.25 would bring about an end to the bullish trend that has held for the past two-weeks. It would also mark the exit of a rising wedge formation. With the uptrend on our side, long positions are favoured around the 61.8% Fibonacci support level. A break out of this pattern of higher lows would be required to negate this bullish short-term outlook.
According 4H analysis the trend is BullishAccording 4H analysis the trend is Bullish. This idea is for educational purpose. Make your trade your own risk
#USDCNH D1 Trading The Bullish SequenceIn this update we review the recent price action in the USDCNH and identify the next high probability trading opportunities and price objectives to target
*Past performance is not indicative of future results
Does Fed raise rates to weaken China yuan? USDCNHI wanted to take a moment to share some exciting news with you all about the USDCNH (US dollar and Chinese yuan) currency pair.
As many of you may know, the Chinese economy has been showing signs of weakness lately, directly impacting the yuan's value. The Federal Reserve has also raised interest rates, weakening the yuan against the US dollar.
But what does this mean for us as forex traders? It means there is an excellent opportunity to long the USDCNH and potentially make some serious profits.
So, I encourage you to take advantage of this situation and consider going long on the USDCNH. With the yuan's continued weakness and the Fed's interest rate hikes, there's a good chance this currency pair will continue to rise.
Don't miss out on this opportunity to make some serious gains. Start trading the USDCNH today and take advantage of the current market conditions.
#USDCNH"We have currently returned to the starting point after the Federal Reserve slowed down its interest rate hikes in November last year. This is an important resistance level, and the People's Bank of China is unlikely to tolerate the currency depreciating beyond this level. There is a clear divergence in the technical pattern, and intervention may occur at any time."
USDCNH ShortOANDA:USDCNH
The ascending channel is broken and the pullback is also done. I expect the price to drop to the specified areas. what's your opinion?
Awaiting Pullback to 6.54 -6.57 to go LONG on USDCNHThe wait is 2 years for the bearish trend to turn its tide. Finally, the day is here !!!!
I am awaiting for a decent pullback to 6.54 to 6.57 level before deciding to go LONG on this pair.
Going short on USDCNH, trendline brokenUSDCNHseems to be bouncing off the major 4h key level with visible double top pattern. It created a nice trendline which was now broken with enough volume.
USD/CNH Reaches Year-to-date HighOver the past 2 months, CNH has appreciated about 4.4% against the US dollar, reflecting the differences in monetary policies in the world's two largest (and competing) economies.
Yesterday's statistics showed a decrease in inflation in the US, but its level is still far from the target values. It is expected that the Fed at today's meeting will take a break after 10 consecutive increases in the key interest rate, keeping the prospect of raising it until the end of the year. The decision will be published at 21:00 GMT+3, followed by Powell's press conference at 21:30.
In China, the central bank lowered key short-term interest rates on Tuesday. It is expected that rates on medium-term loans may be lowered on Thursday. Barclays predicts that the Central Bank of China will cut rates every quarter in 2023, as economic growth after the lifting of restrictions due to Covid is disappointing.
With China stimulating the economy and curbing inflation by shrinking the US economy, USD/CNH hit its highest since the start of the year, trading near 7.18 today. Thus, the quote is fixed above the level of 7.15, which acted as resistance at the beginning of the month.
The USD/CNH chart shows that the rate is moving within the ascending channel along its median line. The WSJ writes that the difference in US and Chinese monetary policy may continue to put pressure on the weakening yuan.
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