FxWirePro: Chinese Yuan hits fresh 5 –month low against US dollar as manufacturing PMI falls in May
USD/CNY is currently trading around 6.5922 marks. It made intraday high at 6.5934 and low at 6.5775 levels. Intraday bias remains bullish till the time pair holds key support at 6.5710 levels. A sustained close above 6.5…
It made intraday high at 6.5934 and low at 6.5775 levels.
Intraday bias remains bullish till the time pair holds key support at 6.5710 levels.
A sustained close above 6.5908 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
PBOC sets Yuan mid-point at 6.5889 / dlr vs last close 6.5783.
China’s May NBS manufacturing PMI stays flat at 50.1 (forecast 50.0) vs previous 50.1.
China’s May NBS Non-manufacturing PMI decrease to 53.1 vs previous 53.50.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
