FxWirePro: Chinese yuan falls as trade balance data misses expectations, PBOC sets yuan mid-point at 6.7235
USD/CNY is currently trading around 6.7182 marks. It made intraday high at 6.7262 and low at 6.7141 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 6.7131 marks will test key resist…
It made intraday high at 6.7262 and low at 6.7141 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 6.7131 marks will test key resistances at 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7131 will drag the parity down towards key supports at 6.6963, 6.6849, 6.6650, 6.6540 and 6.62 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.7235 / dlr vs last close 6.7133.
China Feb 2019 trade balance usd decrease to 4.12 usd (forecast 26.38 usd) vs previous 39.16 usd.
China Feb 2019 yuan-denominated trade balance decrease to 34.46 cny vs previous 271.16 cny.
We prefer to take long position on USD/CNY around 6.7150, stop loss at 6.7050 and target of 6.73.
