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China Yuan: USD/CNY (CNY=X) inched up slightly

Yuan: USD/CNY (CNY=X) inched up slightly

  • USD/CNY is currently trading around 6.7916 marks.
  • It made intraday high at 6.8048 and low at 6.7880 levels.
  • Intraday bias remains neutral for the moment.

The sell-off in the Chinese Yuan continued on Monday as the reversal seen on Friday was largely erased and USD/CNY continued its ascent higher.

Overall, the bias in prices is: Upwards.

Note: this shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 6.59.

The projected upper bound is: 6.81.

The projected lower bound is: 6.69.

The projected closing price is: 6.75.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 30 white candles and 19 black candles for a net of 11 white candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. The two candles preceding the falling window were black, which makes this pattern even more bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 46.8933. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 67.85. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 38. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX CNY= closed down -0.021 at 6.745. Volume was 99% below average (consolidating) and Bollinger Bands were 69% wider than normal.

Open High Low Close Volume___
6.736 6.745 6.736 6.745 39

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 6.74 6.54 6.46
Volatility: 6 6 5
Volume: 3,918 3,707 2,246

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX CNY= gapped down today (bearish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
FOREX CNY= is currently 4.4% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into CNY= (mildly bullish). Our trend forecasting oscillators are currently bullish on CNY= and have had this outlook for the last 29 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.