Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
USD/CNY is driven by trade uncertainty
Information is not investment advice
USD/CNY retraced 78.6% of the 2018-2019 decline. The US dollar strengthened versus the Chinese yuan as the trade deal between the United States and China met unexpected obstacles.
To put it briefly, America increased tariffs on Chinese imports and China decided to retaliate. In addition, China’s industrial production figures and retail sales for April turned out to be worse than expected. This might mean that Beijing may need to roll out more stimulus measures to support its economy. Comments of the US President Donald Trump that trade talks hadn’t collapsed improved the sentiment a bit, but the uncertainty remains. That means that the USD has more bullish potential versus the CNY.
The outlook for USD/CNY will remain bullish as long as it stays above 6.8250 (200-day MA, weekly pivot). On H4, the pair is consolidating within a symmetric triangle. The direction of a break will determine whether the move to the upside continues straight away or we see a correction.
Elizabeth Belugina
Similar
Another EUR/USD Trade!
4H Chart Daily Chart We sent out a signal yesterday to long EUR/USD between 1…
New EUR/USD Trade
4H Chart Daily Chart EURUSD declined back yesterday after trying to test its 1…
Popular
GBP/USD Is Ready for Reverse Up
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
The Polish Zloty was one of the worst performing EM currencies yesterday
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is trading between the Tenkan sen and Kijun sen level…
Alibaba: Have You Lost Your Faith in China?
What happened? Nearly one year later, Beijing started to concern about Alipay, which combines a digital payments platform with other traditional financial products such as loans, wealth management, and insurance…
Choose your payment system
