Usd chinese yuan bounce or break?The resistance x floor is so much, but will it hold and bounce up for the long?
CNHUSD trade ideas
USDCNH might be going lower for the SHORT termprice is rejecting of the 4H resistance / support zone.
Usd chinese yuanThere is still place for a short as the floor is far off. But note to put your to before the floor and secure a safe positive gain stop loss or scale down if you want to see if it doesnt bounce.
The prudent way is either to put that take profit before the floor or to secure a positive stop loss and scale out your order to see if it is less risky.
USDCNH Consolidating Within DowntrendDespite nice drop on USDCNH since start of the year, we have seen silver mostly trading sideways. However, sooner or later correlated moves will be back, possibly after wave four rally n USDCNH. Nice resistance is near 6.84. Based on timing, next week should be important for a potential further weakness, when China fully reopens after holidays. Plus, its going to be a busy calendar with CB decisions and US jobs data.
GH
USDCNH to 6.66? 😈Please 1st of all click the boost 🚀 button if you want me to post more ideas and follow me to support my work! It's absolutely for free.
After a long run up...
the USDCNH probably found the top for a while. Price formed Head and Shoulders 🤷and broke the Uptrendline and then also the Neckline @ 7.01, backtested it and got rejected. Also there is bear flag in play with target 6.686, we have just broken out of it's consolidation phase:
So in my eyes a downtrend has been established and I think there is chance for run to 6.66 .
STOPLOSS (SL) : Right Shoulder @ 7.26
TARGET (TP) : H&S target projection @ 6.66
INVALIDATION : when SL level hit
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
USDCNH USDCNH - Inverse H&S
Inverse H&S taking it towards 6.8000/6.90000 areas
A break above for further confirmation.
Smaller term we could go test 200 EMA - If we break below 6.7 expect to re-test of the lows.
Don't forget to trade your OWN plan!
Trade Journal
USDCNH LONG Flag patternHere are few points i am looking for this trade
1. Inverted head and shoulder pattern is formed
2. Price start to consolidate into the major resistant level (neckline)
3. Rising support in when price consolidating (buyer taking control )
4.Nice flag pattern for us to trade /weak pattern
5.We need to see a strong bull bar to entry this trade (momemtum bar)
6. Target (2 times flag pole )
Will Chinese yuan break the floor?At 4h, Yuan passed the floor price but hasnt closed below it. If 12 pips down it goes; we may have an intraday short.
USDCNH LongFrom my view on TF 1 H I think it's making triangle we will wait to confirm if the price break B-D we'll take long
Usd Chinese Yuan bouncingPRICE bouncing off the nearest monthly close. Covid policy x opening must be handled with care.
USDCNH Ascending TrianglePotentially a Reverse-Stall-Run play, the Stall part is an Ascending Triangle with a Sign of Strength (SOS) at the end.
USD Chinese Yuan shortWhy?
Week of Nov 22 2022 it breached the old low. From there it was lower lows and higher lows. This week it ended up as up phase, which means, next week may be an up phase week before it continues to the down phase.
USD Chinese Yuan trend downWhy?
1. Chart price left to right is down
2. More seller than buyer bars
3. Lower high and lower low
4. Price below ema 50 and 200
5. Price ended with a buyer bar but undecided
6. Because of news, price went up
7. For China yuan our main concern is the policies.
No signal
USDCNH 18/01/2023SAXO:USDCNH
USDHCNH plan 18 January 2023
Sell : 6.7700
SL : 6.78400
TP : 6.74200 (2R)
Reason :
1. Downtrend
2. EMA 200
3. M Pattern
4. Retest supply on the neckline
Trade recap: Making 3.4R from shorting the US-China DivergenceCapped this short at 3.4R using our strategy as we get significant DXY reversal heading into this week's US Retail Sales and Building Permits news. No trades for now as we patiently sit on our hands for the next signal (preferably non-USD for this week, at least).
$USDCNH long reasons for long:
-6.7 psychological level
-6.7 is also the target for the H&S
-decent R:R for me and my money management
-price accelerated to the down side before this potential reversal /
-diverging on multiple timeframes but not daily :(
-618 fib level
USD CHINESE YUAN strong momentum down The daily bars are smooth and it's nearing the floor price. I see no signs of easing the momentum yet. Only fundamental news may make adjustments for now.
Usd Chinese yuanWill yuan be able to break thru?
It is a down trend but a lot of weekly floors to pass. Thread prudently.
U Chinese Yuan shortStrong short if Yuan breaks thru the floor. As all information is priced in.
200 ma breached, price may bounce up and continue down.
USD Chinese Yuan CeilingThe down trend is now trying to break the ceiling based on historical support levels. Worth considering for your positions.
