USDCNH double bottom , channel bottom too USDCNH can bounce here soon IMHO
I use it as USD strength meter, when USDCNH up USD is strengthening all around generally
USDCNH trade ideas
This Is Flaming Dragon II ;) Yuan Is Clearly WinningHere the Euro view on the strength of the Yuan. The Euro is fairing quite a bit better then the US Dollar against the Yuan.
Still the flaming dragon is in the air ;)
This Is Flaming Dragon ;) Yuan Is Clearly WinningThe Yuan has clearly outpaced the US dollar . Over 8.5% increase in value vs. the USD since the pandemic.
The Euro is also gaining on the USD.
A lot of central bank games going on so it is very difficult to predict where the Yuan will go and if China will be able to sustain its current track.
China in my view will sustain and an 8% in value vs. the US dollar is absolutely possible within the next 6 month.
SHORT On USDCNH USDCNH has rejected the previous strong S/R zone.
it has also rejected the 50 MA acting as resistance too.
a break of 6.5862 will see it move further down to the 6.5522 region.
Chinese Yuan will go UP!
USDCNH in in the downtrend
But will go UP to retest the resistance of the falling channel
The pair is oversold and a correction is required!
Buy!
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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
View on USD/CNH (10/11)Price fails to break below the support level.
However, taking a long set up now would be consider a counter trend trade but provides good R:R
I am on the bullish side unless price breaks below 6.586
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. We may or We may not take the trade.
The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation.
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USDCNH - PRZ Convergence
Potential Reciprocal AB=CD ( .786 - 1.272 ) , Harmonic Cypher Convergence PRZ.
Double Top Measured Target.
Triplet Support.
USDCNH: market will open with gap in this zonepay attention because this pair look so good for short in market open
Dollar will keep fallingChina is US' 2nd biggest trading partner after EU and watch what is happening with Dollar vs Yuan...dollar running through no volume zone, no liquidity to stop the fall. I marked where is next major support.
Turnover between US and EU is not so different as that is with China.
List of the largest trading partners of the United States
1 European Union 717,902
2 China 635,364
Sell dollar rallies on USDXXX pairs...
Buy XXXUSD rallies...Eurusd is likely to hit 1.22.
USD/CNH REPORT UPDATEWhat i said last week regarding the USD/CHN PAIR...
USDCNH drops below 6.6917, down 0.39% intraday. China will not only overcome the coronavirus pandemic but will also aim to become the world's largest economy which could be favouring USDCNH bears. ( China's communist party 2020 GDP to exceed 100 TRILLION YUAN)
A clear break of the one week old support line could drag USDCNH prices towards the monthly bottom near 6.6275. Meanwhile a 13 day old resistance line at 6.7325 can probe buyers even if they manage to cross previous support, now resistance around 6.7025.
One week later and im very much still bearish on this pair. At the time of writing USDCHN broke below the bear flag that have been forming for a couple days which is where i re-entered the market. Please keep in mind that the U.S elections are tomorrow which will lead to some volatility in the market.
USD/CNH REPORT!FX:USDCNH
USDCNH drops below 6.6917, down 0.39% intraday. China will not only overcome the coronavirus pandemic but will also aim to become the world's largest economy which could be favouring USDCNH bears. ( China's communist party 2020 GDP to exceed 100 TRILLION YUAN)
A clear break of the one week old support line could drag USDCNH prices towards the monthly bottom near 6.6275. Meanwhile a 13 day old resistance line at 6.7325 can probe buyers even if they manage to cross previous support, now resistance around 6.7025.
let me know what you guys think....
(EP #165) Kelvin Trade Ideas USDCNH Bat Pattern 2020-10-29A bearish bat pattern is spotted in the four hours chart, it provides a potential reversal level is 6.74970 to 6.74280. I will first wait for the market to reach 6.74970. If the market gives me conformational signals, then I will decide should I short the market.
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